The divorce rate for those older than 50 is rising and interestingly, those who initiate the process in the majority are women. If you are a woman in New Jersey who has made the decision to end the marriage, you should also be aware of some of the concerns you might face.
Why do women initiate gray divorce?
In the past, women were often financially dependent on their spouses and therefore many stayed in marriages that were not fulfilling. However, as women have become financially independent, they have also begun to make different choices, particularly as they grow older and their children leave home. The reasons for why women chose to gray divorce include:
- Differences in life and financial values
- Emotional and physical abuse
- Drug and alcohol abuse
What should women be concerned about as they begin the divorce process?
One of the major concerns regarding divorce for women over 50 is the financial complication they will often face. Gray divorce can be particularly challenging for women, as they will face a decline of 45% in their standard of living, and about 27% of them will live under the poverty line. Depending on their age, they might need to return to work or figure out ways to earn more income. However, older women who are already of retirement age might not have that choice. Planning for the financial changes that must be faced before the divorce is finalized is important, particularly during the process itself.
Understanding what changes must be made and the budget you will need to live on post-divorce will also help you prepare for the negotiations regarding the division of property. Be proactive about seeking professional advice, so you can plan for your future.