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Women, gray divorce and money

| Jul 21, 2019 | Family Law |

Residents in Wisconsin who get divorced often struggle to figure out way to rebuild their lives, both emotionally and financially. It is commonly acknowledged that divorce is a major and stressful event for anyone. Some research, however, is now showing that women who get divorced while in their 50s, 60s or later may experience particularly difficult financial problems that are even worse than those experienced by their male counterparts.

Yahoo Finance reported that a study has shown the rate of divorce among people over the age of 50 has more than doubled in the last 29 years. This has happened at the same time that the overall rate of divorce across the country has dropped. The impact of ending a marriage and splitting a marital estate at this point in one’s life can be far more severe than it can for someone who is in their 20s, 30s or even their 40s. 

With minimal time left to earn a substantial living, spouses who experience a gray divorce – the end of a marriage after the age of 50 – can have little to no way to recoup the financial losses they sustained during their divorce. Women who were 63 years of age were found to have a poverty rate a whopping nine percent greater than those who were still married or who had gotten married again after a prior divorce.

The 27% poverty rate for women was also noted along with a decline in their general standard of daily living by 45%. Men’s poverty rate after a gray divorce was just over 11%.