Divorce can happen regardless of a Virginia couple’s age and financial situation. People encounter problems in their relationship and the only viable solution for them is to move on and start over. This can be difficult for anyone, but those over 50 who are getting a so-called “gray” divorce have specific issues to address. This is particularly true for women.
Older women may face obstacles after a divorce
It seems commonplace today for both spouses to work and women are frequently the primary breadwinners. In the past, however, many women chose to stay at home and be homemakers, raising children. When they get divorced, there might be a lack of training and education to secure gainful employment. Statistically, men who go through a gray divorce see their standard of living lowered by around 21%. For women, it is more than twice that.
There are strategies for women to be ready for the future after a divorce. Financially, it is imperative to accrue all necessary information including income, taxes and retirement accounts. Knowing what is available and what will be needed can help with the case, seeking spousal support and a fair division of property.
If the parties own a family home, it might need to be sold as part of the divorce. The proceeds can be a strong nest egg even if it is split between the spouses. Knowing its value is the first step toward getting a reasonable price. Just as assets are divided in the divorce, so too is debt. Scrutinizing the spending and being aware of the other person’s debts is wise as people do not want to be left paying for items they did not purchase.
Budgeting for the future and living alone is part of the process. Whereas a person might be accustomed to sharing costs, the new normal will include paying for themselves with the potential for support from the other spouse helping. In a gray divorce when the person could have trouble finding income that is sufficient for self-support, this is crucial.
Protection is vital with gray divorce
Moving on from an unhappy marriage can be a positive, but as with any aspect of family law, there are inevitable complexities. That is especially relevant for women going through a gray divorce. Knowing what to expect is a sound way to be prepared. As soon as the decision is made to divorce, it is useful to think about challenges inherent to people over 50 and mitigate them as much as possible.