Ending a marriage is a challenging process for everyone, but women may face unique and more complex challenges when they go through this process later in life. Gray divorce is a term used for those who are going through a divorce after the age of 50, and there are unique financial challenges that come with this. Because these spouses are closer to retirement, the stakes are higher, especially for women.
An unfair disadvantage
Women are more likely to give up careers and higher-earning jobs in order to stay home with their children. They are also more likely to earn less than their male counterparts. In a gray divorce, a woman may have already been out of the workforce for decades, and she may be relying on joint marital savings for her golden years. Divorce can leave her with just half of what she expected to have for retirement.
This can be a devastating blow, and women find that delaying retirement plans or going back to work may be necessary after a gray divorce. It is of critical importance for a woman to pursue a fair and reasonable property division order. Through the terms of a fair marital settlement agreement, it is possible to maintain stability and have hope for one’s financial future.
Fighting for the best possible outcome
With so much at stake, it is prudent to avoid walking through the gray divorce process alone. A California spouse will benefit from the experienced guidance of a knowledgeable attorney before agreeing to terms or making any important decisions about one’s future. With help, it will be possible to secure terms that provide security to a woman considering her future post gray divorce.