Divorce is on the rise for couples over 50. Pew Research Center reports the number of gray divorces has almost doubled since 1990. And gray divorce rates significantly surpass the rates of divorce among younger people.
At any age, divorce can have a considerable effect on one’s emotional and financial health. However, it seems that women who divorce over 50 face more risks than men.
How is gray divorce impacting women?
According to The Business Journals, there are two primary factors of women’s lives that gray divorce affects:
- Finances: Many women in the generation over 50 may have been stay-at-home mothers. Or, they took time off of work to raise their children. And even if they did not, many women earn less than their male counterparts in the working world. These issues on top of the property division process of divorce can have considerable repercussions on one’s financial health.
- Health: Better health is one of the common reasons that individuals over 50 might pursue a divorce. And yet, the U.S. News & World Report states that gray divorce often has a significant impact on one’s physical health. Particularly women after 50 are more likely to suffer from heart disease, high blood pressure and depression after a divorce.
The combination of these two factors can often leave women facing even more challenges after their divorce as well.
However, women can counteract these effects
Research and studies might show that women face more obstacles and costs than men do after a gray divorce. But there are steps that women can take to manage these costs.
For example, Virginian women can:
- Take an inventory of their finances before a divorce to plan a post-divorce budget
- Speak with an attorney or financial adviser to safeguard their retirement assets
- Exercise regularly to help maintain physical and emotional health
- Protect and cultivate relationships with friends and family to create a support system they can rely on
Divorce can be an incredibly overwhelming life experience. But the experienced attorneys at Bowen Ten Long & Bal, PC, can help women through the entire process of their divorce while assisting them in planning for a secure post-divorce future.