Divorce has far-reaching consequences for older adults. There are also gender disparities in its impact on the standard of living for women over 50 compared to men. While both groups may experience financial changes after divorce, women often face more significant challenges. This can lead to a substantial decline in their standard of living.
Understanding these disparities is important in addressing the complexities surrounding divorce and its aftermath. It also helps shed light on the need for societal and systemic changes to ensure equitable outcomes.
Economic consequences for women
A key reason divorce disproportionately affects women’s standard of living is the economic consequences they face. Women who were homemakers during the marriage may find themselves with limited work experience or outdated skills. This can make it challenging to secure well-paying jobs. As a result, they often experience a more drastic reduction in income post-divorce compared to their male counterparts.
Alimony and child support challenges
Alimony and child support payments seek to mitigate the financial impact of divorce. However, women often face challenges in obtaining adequate support. Non-compliance with court-ordered payments, difficulties in enforcement or the limited duration of these arrangements can contribute to financial struggles for women. Securing consistent and fair support is the key to maintaining a stable standard of living post-divorce.
Asset division disparities
The division of assets during divorce helps determine each party’s financial future. Women may receive a smaller share of marital assets due to various factors, such as disparities in income or a lack of financial literacy. This unequal distribution can impact women’s ability to maintain their pre-divorce standard of living. This is especially likely if they were economically dependent on their former spouses.
According to Kiplinger, the average woman over 50 sees her standard of living drop by 45% when her marriage ends. The average man over 50 sees his fall by 21% when facing the same circumstances. Addressing contributing issues requires a comprehensive approach to ensure a fair and balanced outcome for both parties involved in divorce.
