Divorce rates are soaring for couples in their fifties and older, according to an article in Fortune Magazine. Known as “gray divorce,” those over age 50 are leaving their spouses at twice the rate as in the 1990s, and those 65+ are leaving at triple the rate. It’s a phenomenon that is putting couples, and especially women, at financial risk. Why are women at such a disadvantage?

Research indicates that it is because women were more likely to leave the workforce to raise a family. When they did, they lost valuable time climbing the career ladder, or perhaps didn’t go back to work at all. Once children are grown, some women decide they no longer wish to remain in an unhappy marriage. However, many of these women – many age 50 and up – upon leaving the union, will then experience a 45% decline in their standard of living, while men experience just a 21% decline.

The challenge for those women at that point, is that it may take them years to rebuild credit and earn enough to start saving. The article suggested tools such as prenuptial agreements to offer protection in such situations, as they can specify financial compensation for a spouse who gives up a career to raise the couple’s children.

It is important to have a top family law attorney advocating for you in a divorce situation. Contact Williams Family Law, the largest family law firm in Bucks County, for help with your unique situation. Call 215-340-2207 or email info@bucksfamilylawyers.com.