In Texas and across the United States, women who are going through “gray divorces” struggle with mounting financial difficulties. Gray divorce refers to when the divorcing individuals are over 50 years of age. Statistics show that gray divorces have increased during the past 20 years. For example, only one out of 10 couples over 50 divorced in 1990 whereas one out of four older couples obtained gray divorces in 2010.
According to a recent Bowling Green State University study, gray divorces present specific financial challenges, especially for women. The study’s main researcher said that gray divorce causes significant financial shocks. Getting a divorce after the age of 50 means that the couple’s assets are split in half. Consequently, each person only has 50% of the financial savings that existed during the marriage.
Women over 50 who do not divorce their spouses fare better financially than those who end their marriages. Time plays an important role during a gray divorce. Since many gray divorces happen without any previous warnings, women often do not have enough time to create future financial strategies. For instance, a woman may not have a 401(k) plan, an individual retirement plan (IRA) or hold any equities. Gray divorce typically causes a financial setback that is often difficult to overcome.
Women who are about to go through a gray divorce may want to consult with a family law attorney before taking any legal steps. A divorce lawyer may offer insight into drafting a marital settlement agreement and dividing assets. Any woman who finds herself in a predicament involving a gray divorce may want to make sure she does not suffer financially in the future. Setting up an appointment with a divorce lawyer only takes a few minutes. However, the financial repercussions of a gray divorce can last a lifetime.