Preparing for a divorce when you are over the age of 50 requires careful planning because your financial circumstances may change significantly. While you could generally expect to receive alimony or spousal support, it may not be in the amount that maintains your current standard of living unless you press for the amount you really need.
Individuals who are at least 50 years old could expect to see a 50% decrease in wealth after a divorce, as reported by Bloomberg. Women oftentimes experience a 45% decrease in their overall standard of living, according to a study conducted by the Bowling Green State University’s National Center for Family & Marriage Research.
Although the overall rate of poverty is higher for divorced women than for those who remain married, many female divorcees do not plan to find another partner. Thirty-seven percent of men, however, reportedly remarry within a decade and may enter a new household with more than one income. It appears that women may benefit by finding a way to earn additional income if an ex-spouse’s financial support may prove inadequate to their needs.
Choosing to live a single lifestyle means making several changes, and this might include finding a new job or returning to the workforce. Because it may require time to prepare or train for a new career, expecting a transitional period of unemployment after a divorce is reasonable. Requests for financial support may need to stress the requirement of adequate funds to cover the transition period.
When determining alimony, a family court judge may consider both your current and your future financial circumstances. If you expect to earn enough income to maintain your current standard of living, showing your ability to take sole ownership of a house or other property may work in your favor during the divorce process.