L is for Late Life Divorce.

 

Women facing a divorce after the age of fifty tend to experience different problems than those divorced in their early years. However, the good news is that for many reasons, an older divorced female can fare much better than the divorced male.

One of the main reasons for this phenomenon is that in most marriages the female is the nurturer and caregiver so they are better prepared to take care of themselves. When the male loses his day-to-day care and support, he can be badly affected while the female doesn’t miss what she never received in the relationship.

After years of taking care of their husbands and children, the post divorce phase can actually leave women feeling freer. They can find themselves with a higher amount of energy and more available leisure time—allowing them to take better care of themselves which could translate into better health and possibly a longer life.

In the matter of family and social relationships; again the female tends to do better seeking support. She will seek out support groups, join a club or take up a new hobby much more quickly than her male counterpart. Also, in many cases the female tends to spend more time with her children which can also help alleviate loneliness.

On the other hand, many men tend to isolate themselves in the post-divorce period. This coupled with their lack of expertise in day-to-day management of life, upkeep of the household, lack of ability to maintain a healthy diet and lack of desire to reach out for support of others can leave them badly affected.

Ok, all is not perfect—you will have your up and down days emotionally!

The biggest problem for older women in divorce is that they face a major financial handicap. They are overwhelmed with financial problems. Women have consistently earned less than men and tend to have taken many career breaks for child rearing. This tends to leave their retirement savings and social security levels at very low levels making financial stability difficult. They will find in it almost impossible to live on their savings as compare to the male counterpart.

The bottom line is that divorce in later years more likely affects the emotional well-being of men and the financial well-being of women.

Women need to take better charge of their finances and can do so by simple planning.  Contact your financial advisor and plan for your future as well as the unexpected.

Answers from AZ

 

About Ann Zuraw

Ann Zuraw, the voice behind "Chicks, Chat and Change", is a Certified Financial Planner (CFP®), Chartered Financial Analyst (CFA®), and Certified Divorce Financial Analyst (CDFA™). If you have comments on this post contact Ann Zuraw

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