Ending a marriage will result in changes to each spouse’s financial standing. The simple fact is that it takes more money to run two separate households than it does to run one. When assets are divided during divorce, both spouses walk away with less than they came into the process with. That can be especially devastating to women in Arizona over the age of 50.
At that point in an individual’s life, there is simply less time left in the workforce to recover from a serious financial loss. As retirement looms, many Americans begin to worry about their financial stability. That can be especially stressful for women, many of whom set aside their own career goals to raise children and care for the family. Time out of the workplace results in lower wages, less frequent promotion and an overall stunted career path for many women.
In addition, our society still supports the notion that men should be the ones to handle the family’s finances. While that is not the case across the board, there are many families in which the wife has played little to no role in managing the family’s money. That can also lead to trouble after a divorce has placed those responsibilities directly on a woman’s shoulders.
The best way to level the playing field is to take a proactive approach to the financial aspects of an Arizona divorce. That means making well-informed decisions during property division. It also entails gaining the skills and knowledge needed to properly manage one’s finances down the road. For many women nearing retirement who are willing to put in the time and effort that it takes to achieve these goals, divorce can be a doorway into a fulfilling new phase of life.
Source: Forbes, “Gray Divorce: A Financial Double Whammy For Women“, Jeff Landers, July 13, 2016