Does Gray Divorce Take a Heavier Financial Toll on Women?

 Posted on October 24,2024 in Divorce

As more and more older couples are choosing to end long-term marriages, a term has been coined to describe this trend – gray divorce. Those who divorce at the age of 50 or older are a part of this gray divorce trend. Research shows that baby boomers born between 1946 and 1964 are now divorcing more than any other generation.

When divorce rates from 1990 to 2021 are looked at, the divorce rates for those younger than 45 actually dropped, while the divorce rate for those over the age of 45 significantly increased. This increase was even greater among those who are 65 and older, tripling from 1990 to 2021. As the youngest baby boomers are approaching 60, and the oldest are looking at 80, the gray divorce trend does not show signs of slowing.

Unfortunately, women involved in a gray divorce appear to experience a greater negative financial outcome than men. If you are in a long-term marriage and are considering divorce, it can be beneficial to speak to an experienced Wheaton, IL divorce attorney from Hensley Sendek Law.

Why Are Older Couples Divorcing?

There are many different reasons older couples are divorcing. Even so, each divorce is unique in some way. Older couples may suddenly realize how incompatible they are once the children are gone or retirement occurs. While many older couples are more financially secure than younger couples, this is not always the case. Significant debt can put stress on a relationship, leading to constant arguments.

An older couple may have gradually grown apart and changed when, one day, one or both of them realize there may not be many years left to find true happiness. Of course, infidelity may be an issue and can break up a long-term marriage in the same way it can break up a marriage of shorter duration.  Unfortunately, one elderly spouse who has extensive medical issues can also prompt the other spouse to file for divorce.

How Could a Gray Divorce Disproportionately Affect a Woman?

One study found that women in a gray divorce experienced a 45 percent decline in living standards after the divorce, while men experienced only a 21 percent decline. Because many women of that era compromised or limited their work careers because of homemaking or childrearing responsibilities – or to support their husband’s careers – there may be fewer job opportunities available.

It may be the husband who has handled the finances through decades of marriage, leaving the wife at a significant disadvantage once she is on her own. The woman may also not have a good grasp of exactly what the marital assets are, making it easier for an unscrupulous husband to take financial advantage.

These financial disparities are generally less for the younger generation of women because they are more likely to have worked throughout their marriage. Older women may depend heavily on a fair division of the husband’s retirement fund since they may not have their own retirement fund. Likewise, many older women may have few contributions to Social Security and may be unaware they can draw on their husbands’ Social Security.  

Finally, older women are much less likely to remarry following a later-in-life divorce than men (22 percent as compared to 37 percent), so they are less likely to have another income to help make ends meet.  Women who are considering divorce later in life should take steps to understand the financial aspects of their marriage and might even consider putting a little money back each month to help their financial stability.

Contact a DuPage County, IL Divorce Lawyer

Regardless of your current situation, attorney Jessica Sendek will listen to all your needs and provide you with an explanation of your legal rights while helping you make informed decisions. Attorney Sendek brings her unique experiences in complex divorce matters to the table for your benefit. Choosing a West Chicago, IL divorce attorney from Hensley Sendek Law is one of the best steps you can take when divorce is imminent. Call 630-358-9029 to schedule your free consultation.