When you split from your Connecticut spouse later in life, you may have unique, age-related financial concerns that younger people navigating divorce may not. For example, you may feel especially worried about having enough money set aside to retire comfortably and continue to live the lifestyle you do now, post-retirement. Research shows that your concerns may have merit. However, while divorce impacts both men and women financially, women often bare the brunt of the financial burden.
According to Kiplinger, the divorce rate among younger couples has seen a steady downward trend in recent years. Yet, the number of older adults, or adults over 50, divorcing has doubled since the 1990s.
How divorce impacts women versus men
When women over 50 divorce their spouses, their income may drop by an average of 41%. Yet, men who divorce over 50 see their incomes fall by about 23%. Studies also show that, after a divorce, the average woman experiences a 73% drop in her standard of living. Yet, the average man who divorces his spouse sees a 23% improvement in his own standard of living.
Why women fare worse financially
There are several reasons women, and older, women, in particular, tend to fare worse in the financial sense after a divorce. Many older women have limited career prospects after taking considerable time out of the workforce to raise families. Women also tend to earn less than their male colleagues, meaning it takes them longer to rebuild after the end of a marriage.
You may be able to set yourself up for a brighter financial future, post-divorce, by having financial advisors, financial analysts or others help you navigate your split.