Divorce brings financial changes to each spouse, and sometimes these changes can have a negative impact on a person's future for years after the divorce is final. It's inevitable that the end of a marriage will require adjustments, and for older women, it's hard to overcome post-divorce challenges. It's particularly important for older individuals to secure a final order that allows for security in retirement.
In the past, older women often struggled significantly after divorce. If you are an older women and you are facing divorce, you probably have overwhelming concerns about what your future will look like. Thankfully, the news isn't all bad. Studies find that financial confidence for older women post-divorce is higher than ever.
Financial security long-term
If you are nearing retirement age, divorce can be a financially devastating prospect. After your divorce, you will have fewer years to rebuild your wealth and recover before you hope to retire. Some people have to work longer, adjust retirement plans or even take a part-time job in retirement. Despite the challenge of divorce, women feel more financially confident now. Consider the following:
- Reports indicate that the longer that a women is divorced, the more financially confident she feels.
- In 2019, 65% of women report that they are more financially secure after divorce than they were even just a few years ago.
- More divorced women report having more earning power now than they did in the past.
Divorce can be a wake-up call for many, but years later, many people report feeling better financially. Women often feel like they take the brunt financially after their marriages end, but there is reason to be hopeful. Many women are able to accomplish financial goals, save for retirement and have financial security.
The foundation of your financial future
The foundation of your financial security after divorce depends on the terms of your final property division order and your financial settlement. One of the ways you can ensure a better future is to keep your focus on what is best long-term. This may require you to set aside temporary emotions and cultivate a willingness to compromise with your spouse.
Divorce is complex, and it will have implications for the rest of your life. Due to the serious nature of this process, you will find it beneficial to seek the guidance of an experienced Texas family law attorney. An assessment of your case can ensure that you make choices that will benefit you for years to come.