In California and across the United States, women often experience complex financial issues following divorce. Whether the issue involves community property, separate property, child custody arrangements or spousal support, divorced women seem to face more difficulties than divorced men. An older woman obtaining a “gray divorce” typically experiences more problems than a younger woman. For some women, gray divorce causes financial woes that are difficult to handle.
Women face more money issues because many wives do not have jobs and lack recent experience in the workplace. A divorce may occur without any previous warning, so many women do not have ample time to save money or invest in an individual retirement plan, or IRA. Plus, numerous women who are older than 50 need to care for their adult children who live at home or attend college. Additionally, a divorced woman may need to pay the entire mortgage or rent instead of sharing the expenses with a spouse.
Individuals involved in a gray divorce typically see their assets cut down to half of their former wealth. Former wives have the burden of experiencing diminished income. Furthermore, children and grandchildren of couples involved in a gray divorce may experience serious financial difficulties. However, only a small percentage, a little over 10%, of individuals over age 50 get divorced.
Older women facing divorce may want to speak with a family law lawyer before filling out any legal documents. Setting up a consultation about property division, a marital debt agreement or spousal support may help a woman make sense out of financial chaos. A divorce lawyer may offer guidance on creating a sound and amicable marital settlement agreement that covers all the bases.
