Gray divorce and the financial impact on women

If you are one of the many people in South Carolina who is over the age of 50, you may likely have never thought that divorce would be something you would be facing at this time of your life. However, the rate of divorce among people in their 50s, 60s and even beyond has grown over the last couple of decades. There may be several factors contributing to this reality and it is leaving many people with serious financial problems.

Bloomberg reported on some of the results of research conducted by professionals at the National Center for Family and Marriage Research that focused on what is called gray divorce, a divorce that happens after the age of 50. The studies found that women were particularly vulnerable to experiencing serious financial hardships after a gray divorce.

The poverty rate of women who had gone through a gray divorce and were currently 63 or older was 27%. The poverty rate for women of the same age who had been divorced before the age of 50 was less than 19% but was still significantly higher than the rate for men regardless of the age at which they divorced. Gray divorced men had a poverty rate of 11.4% while men who divorced before 50 had a poverty rate of 10.7%.

If you would like to learn more about how to evaluate your financial situation and protect yourself when getting a divorce after the age of 50, please feel free to visit the gray divorcing spouse’s assistance page of our South Carolina divorce and family law website.