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Older women and divorce: work with strong advocate to protect your financial future

Divorce, no matter when it occurs, can be a real challenge for couples, both personally and financially. Marriage, of course, brings a lot of benefits to couples in both areas, and divorce means a loss of these benefits. When a marriage is bad to begin with, of course, there are certainly benefits, but there are always costs.

The financial costs of divorce, as pointed out in a recent Slate article, are felt particularly by older couples. Many of our readers may be aware that there has been an increase in gray divorce in recent years, and that divorce threatens the financial autonomy of divorcees. In addition, women are typically hit harder by divorce than men, financially speaking. 

Put simply, divorce makes it harder to save up for retirement, especially for women. Among the reasons for this are that divorce results in a loss of the economies of scale. Instead of paying for combining resources and sharing expenses, divorced individuals have to pay their own for housing, food, vehicles, and a number of other costs. Women also often lose more money than men in divorce, and have a generally have a harder time building it back up after divorce. This puts divorced women, especially older divorced women, at increased risk of living in poverty.

Divorce planning, of course, is essential for every couple, but particularly for older couples. Older women who are looking at the possibility of divorce should always work with an experienced attorney and financial planner to ensure they are prepared to negotiate the best outcome in divorce.

In a future post, we’ll speak a bit about some important issues older women should be aware of when planning for and navigating divorce. 

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Older women and divorce: work with strong advocate to protect your financial future | Peter A D'Angelo, Attorney at Law, PLC