“Gray Divorces” Involving Older Women Can Involve Complicated Financial Matters

People over the age of 50 are getting divorced in record numbers, even as the overall rates for divorces by US couples is on the decline. Data indicates that “gray divorces” by older couples are on the rise, which can pose serious problems for the women in these marriages. That’s because the woman in a divorce often bears the brunt financially, especially when it involves a woman over the age of 50.

The reality is that many older married women have left the workforce in order to raise a family and take care of the household, leaving them with fewer options for earning a living after their marriage ends.

Moreover, even if an older married woman has remained in the workforce, she likely earns significantly less pay than a similarly situated male worker due to gender inequality among US employees.

Another important factor to consider for older women who are about to get divorced is that women typically have longer lifespans than men in the United States. As a result, the need for long-term financial security can be even greater for a female who has gotten divorced.

What all of this means is straightforward: anyone thinking about filing for divorce needs to make sure that their best interests are protected going forward. This should include speaking with a qualified and competent family law attorney who can provide guidance on things like spousal support, division of property, and other financial issues related to the pending divorce.

A knowledgeable divorce lawyer can also make sure that all financial records are made available, which can be critical in determining exactly how much money, and what kind of assets, your spouse has at their disposal. In high net worth divorces, recordkeeping is extremely important.

For additional information, read the USNews.com article, “Gray Divorce: What Women Who Divorce Later in Life Need to Know.”

If you are thinking about filing for divorce in New Jersey, you should speak with a qualified NJ divorce lawyer immediately. The experienced divorce and family law attorneys at Davis & Mendelson are prepared to help you explore your legal options. Contact us anytime to schedule a free consultation.