“Being too focused on one thing or one asset in a divorce is not seeing the forest for the trees. You need to look globally at the entire picture.”
After 25 years of marriage, Vicki Hickok found herself going through a divorce in 2015 at 55 years old that left her without the means to afford the expensive town in western Washington state where she had lived with her husband.
So-called “gray divorce” can be financially devastating, especially for women. Older women who experience a divorce see their standard of living decline by 45%. That’s much more severe than for men, who see a decline of 21%, said Brown, who is also the co-director of the National Center for Family & Marriage Research.
While assets likely get split 50-50 in a divorce, women historically tend to earn less than men and therefore have less ability to recover. The advice to “move on” is only helpful to a point. Only one-quarter of women will remarry or live with a partner after a divorce after age 50, Bowling Green researchers found.“Financially speaking, don’t make any critical decisions for the first year,” said Gabrielle Clemens, managing director and wealth adviser at RBC Wealth Management. “The lifestyle change is so much to handle. Don’t make any big decisions right away.
“When you feel better about yourself, you’re more apt to advocate for yourself. Be as strong an advocate for yourself as you can. There’s no reason you should be treated any differently than the male side in a divorce,” Fitzgerald said.“The biggest misstep I see is that people are so intent on being done with a divorce that they don’t bother fighting for what they really should be asking for. Giving up too soon,” said Van Tine. “Years from now, you will need the money.
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