Are you a woman in Virginia over the age of 50 and getting divorced? Even if you are in your late 40s, you will want to take note of how a divorce may affect you financially. While divorce is seldom seen to have positive financial consequences for people, women at this stage of life may be particularly vulnerable to monetary problems after a divorce.
As outlined by Forbes, even with advances in society, women are more likely to have taken time off of their careers to raise or take care of children. Even if they didn’t stop working altogether, they may have accepted jobs that provide more flexibility and time to manage a family. This may translate into jobs with lower pay scales. Add to that the fact that women’s salaries in general still tend to be lower than that of their male counterparts, even for the same job, and the problem becomes evident. All of this adds up to less income after divorce at a time in life when there is less opportunity for future growth and advancement.
When getting divorced after 50, women should pay special attention to their true retirement needs, understanding that their lifespan is expected to be longer than their spouses’. Purchasing a life insurance policy that protects a future spouse who must pay your child or spousal support may be one important protection.
This information is not intended to provide legal advice but is instead meant to give Virginia wives an overview of how divorce after 50 may affect them and what they can or should do to protect themselves if in this situation.