The world is certainly changing and more women today contribute to their marital household’s income than in any prior generation. However, a financial disparity between husbands and wives can and does still exist. This may not be more noticeable at any other time than when a couple gets divorced. The process of splitting assets when a marriage ends is never easy but some data shows it can be particularly hard on women who are over 50.
As much as a person might want to maintain the lifestyle they enjoyed when they got married after they get divorced, that does not always happen. In fact, the drop in a standard of living can be rather startling. For men, this translates to a decline by 21%. For women, the picture is even worse as their decline is said to be as great as 45%. Spouses of either gender should be prepared to see their individual wealth reduced by up to 50%.
The thought of being in poverty might seem far-fetched to some but it can be more than a reality for many women who get divorced after the age of 50. Yahoo Finance indicates that women who are divorced and 63 years of age or older have a poverty rate of nearly 27%. The poverty rate for married persons of the same age is three percent. Men who are over 63 and divorced are said to have a poverty rate of 11.4%.
With less time to work and earn income that could replace some of the losses experienced in a divorce, women who get divorced after 50 should pay special attention to their settlements and finances.