Married people in Texas know that they live in a community property state so that if they get divorced, their assets may be split regardless of the name on an account or other ownership except in some cases, such as when a prenuptial agreement dictates otherwise. This loss of assets can be devastating for any person but it seems that it can be particularly difficult on women who get divorced after the age of 50.
Yahoo Finance indicates that women 63 and older who have been divorced have a noted poverty rate of close to 27%. That is apparently nine times greater than the poverty rate for men or women who are still married. Among men aged 63 or older who are divorced, the poverty rate is said to be just above 11%.
Gray divorce can leave both husbands and wives realizing a drop in their everyday standard of living but, once again, it is women who seem to bear the brunt of this burden. For men, lifestyle can decline by 21% but for women the drop is even greater at 45%. General wealth is said to drop by 50% for both parties.
Since 1990, the divorce rate in the U.S. has been on the decline overall but for spouses over the age of 50, it has increased twofold. With less time to earn back money lost in a gray divorce, residents in Texas who end their marriages at this stage of life may want to work closely with an experienced attorney to learn how they can protect themselves and their financial futures.
