There’s a significant societal assumption that when a man and woman divorce, the wife will automatically end up “taking him for everything he has.” Nothing could be further from the truth, especially when it comes to “gray” divorce. When couples over the age of 50 divorce, it can be financially devastating for the female partner.
Divorcing after 50
After decades of marriage, it can be surprising when one or both partners call it quits. However, 36 percent of people who divorce are over age 50. In April 2021, the U.S. Census Bureau found that about 35 percent of people who got divorced in 2020 were 55 or older—more than twice the rate of any other age group.
This can be financially devastating, especially for women: their standard of living declines by 45 percent, whereas a man’s standard of living declines by 21 percent. A divorce in your “golden years” means that there’s less time for a person to work long enough to recoup the losses. That also means that women who stayed out of the workforce to raise a family are at a significant disadvantage.
Gray divorces leave 27 percent of women living below the federal poverty line, compared with 14 percent of men. The gender-based wage gap, social expectations of child-rearing and caretaking and resume gaps can make it especially hard. Furthermore, “[w]omen who experienced a gray divorce, on average, can count on less than $14,000 per year from Social Security.”
What to do
If you’re facing a gray divorce, it’s crucial to hire a lawyer and a financial advisor. Ending a marriage is a serious proposition, especially if you’ve been together for several decades. Having outside help ensures that someone else is looking out for your best interests, including future long-term care, living arrangements and more.
While gray divorce can be financially devastating for everyone, having a great lawyer on your side will help. The savvy divorce attorneys at Appelhof, Pfeifer & Hart, P.A. in Washington County can help. Call today for a consultation.
