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The link between gray divorce and poverty

If you are like most people in Florida and around the United States who are approaching a divorce, you may well be a bit fearful about how you will be able to provide for yourself once your marriage has ended. This is a reasonable concern given that most spouses end up having to share some or all of their assets with their former partner. At the same time, people have to establish single residences which can cost more than sharing a home with another person.

According to Bloomberg, these two factors are just some of the things that may contribute to serious monetary issues for divorced people, especially if they get divorced after they have turned 50 years of age. One of the reasons that a divorce after 50 can be so financially worrisome is that a person quite simply does not have as many years left to work and recoup the money they lost in their divorce.

Research even shows that women who experience a gray divorce have an exceptionally high rate of poverty by the time they are 63 or older compared to men who get divorced at any age. The poverty rate for these women is even higher than for women who get divorced at younger ages.

If you would like to learn more about how to effectively manage your divorce settlement and process so that you can protect yourself against serious and unnecessary financial hardship down the road, please feel free to visit the marital dissolution and finances page of our Florida divorce and family law website.

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Avvo Clients Choice | 2012 | Family Avvo Rating 10.0 | Superb | Top Attorney Family The American Society of Legal Advocates | 2014 Top 40 Under 40 The Florida Bar Certified | Marital and Family Law Super Lawyers | Philip J. Schipani | 2015-2017

Schipani and Norman, P.A.
1605 Main Street, Suite 1110
Sarasota, FL 34236

Phone: 941-549-8981
Fax: 941-366-7331
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