There are many reasons why people choose to end their marriages. For many couples, this decision comes later in life, at a point when they may be closer to retirement age and after their kids have left home. When a Virginia couple age 50 and older divorces, it is known as a gray divorce, and this is a trend that is growing across the country. There may be certain challenges associated with a gray divorce, and it is important to know how to protect one’s interests.
What does this trend mean?
Statistics indicate that gray divorce has doubled since the 1990s, and it has tripled among couples aged 65 and older. Even though this is becoming more common, women are more likely to have significant financial risk in a gray divorce. Women must know how to lay the foundation for a strong future after a divorce in their later years.
Financial disparities between men and women are common. Men may earn more than women, and women are more likely to give up their careers in favor of staying home with their children. Women can prepare for divorce by becoming more involved in their financial lives, including having knowledge of their assets and how to access accounts.
Protecting the rights of women in gray divorce
Virginia women going through a gray divorce will benefit from having experienced guidance as they navigate this legal process. They may find it beneficial to work with a knowledgeable family law attorney as they seek to protect their rights and future financial interests. Before agreeing to terms, it is prudent to first seek an assessment of one’s case.