The end of a marriage requires individuals to reorganize their lives and in some cases prioritize their wants and needs. This is because for some, going from two incomes to one or losing the income of their ex greatly impacts how much money they can count on to support themselves in the future. Recently released data suggests that the later a person gets divorced, the more likely they are to live in poverty after.
For example, while just under 19% of women who get divorced early in life end up living with low incomes, nearly 27% of female gray divorcees end up in that same economic classification. For men, the disparity is not as extensive. Early in life divorcees end up living in poverty at a rate of 10.7% while older divorcees fall into this category at a rate of 11.4%.
These statistics should demonstrate to readers the serious impact that divorce can have on ones finances, regardless of when they choose to pursue it. It may be easier for younger divorcees to recover, however, as older individuals may have left their careers when they elect to end their marriages. Financial stability can be shaken when divorce occurs later in life.
When preparing to divorce, it is important that individuals receive legal support that is tailored to their needs and that includes a careful assessment of how they will financially emerge from the process. Their property and asset division negotiations can play a major role in these outcomes and should not be taken lightly. This post does not provide any legal advice and should be read as informational.