What is the financial reality of a gray divorce?
If you are one of the many people in Missouri who is over the age of 50 and approaching or in the midst of a divorce, you should make it a priority to learn how you can minimize financial losses and set yourself up for a stable future. This can be a difficult task indeed when you must split your assets with your former spouse. However, it is possible to make wise decisions if you know the questions to ask and have the right guidance during your divorce process.
As reported by Bloomberg, it seems that many people experience serious financial hardships after getting divorced later in life. Termed “gray divorce”, this is an event when a divorce happens after 50. The financial challenges associated with a gray divorce appear to be especially noticed by women.
Women who get a divorce in their 50s or later often see their standard of living decline by as much as 45%. That is a big hit, especially when compared to a 21% decline for their male counterparts. Research also shows that women who get divorced after 50 have a much higher rate of poverty by the time they reach 63 or older than do men who get divorced at the same stage of life.
This information is not intended to provide legal advice but is instead meant to give residents in Missouri an overview of some research surrounding the financial ramifications of a gray divorce, especially for women, so that they may seek ways to protect themselves and their financial futures.