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Financial Concerns Keeping Older Women in Marriages

Posted on : July 24, 2017, By:  Erlina Perez
NJ Divorce Lawyer

Divorce is never easy for anyone, but the age category of the couple can also influence the types of complicated factors involved in ending the marriage. That is particularly true for older women who may have counted on their marriage or the support of a spouse’s retirement funds from a joint household. No matter your age, you’ll have unique considerations in your divorce that should be evaluated with the help of a caring and knowledgeable divorce attorney in NJ. The sooner you can schedule a consultation, the more informed you will be about your rights and how to move forward.

A phenomenon known as gray divorce applies to those older couples who are contemplating going through a divorce as they near or surpass the retirement planning process. There are many different unique concerns that should prompt an individual thinking about a gray divorce to consult with an experienced bankruptcy attorney.

A new study found that female baby boomers may be trapped in marriages and be hesitant about starting divorce proceedings because of fears of financial concerns. Fewer older women initiate divorce and money fears could be keeping them in loveless relationships. It is usually women who will push for divorce under age 45 when the marriage is failing. By their 60s, however, the differences between women and men looking for a divorce is significant.

In 2014, 9,443 men began divorce proceedings in their 60s compared with just under 6,000 women. Not having any savings or being concerned about a lack of a pension on their own could prompt somebody to stay in a loveless marriage even if they are no longer happy doing so.

Women in their 50s and 60s may feel more financially vulnerable than men and be less likely to start a divorce proceeding as a result. Women also tend to have less in the form of individual retirement savings and may be counting on the husband’s retirement income to support them in their golden years. If you are contemplating getting a divorce, identifying an experienced divorce lawyer as soon as possible is extremely important for your case.

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