For those who are 50 or older, divorce can have a significant emotional and financial impact on their lives. It can have an especially significant impact on women who may have a harder time finding a partner after getting divorced at a later age. Women over the age of 63 who have been divorced have a poverty rate of 26.9%. Men who divorce after age 50 have a poverty rate of 11.4%.
Those who have been married for 10 years or more at the time of their divorces may be entitled to Social Security benefits based on their former spouse's work record. However, a woman who gets divorced can only expect to receive $10,995 per year on average. Getting remarried may make it easier for both men and women to recover financially after ending their first or most recent marriages.
Recovering financially after a divorce may also be easier if he or she is a CEO. On average, they receive $2 million in additional compensation after ending their marriages. This is perceived to be a way to help a company's leader pay a divorce settlement without the need to sell shares in the business. In many cases, the CEO is a man who is making alimony or other payments to a female former spouse.
The end of a marriage could leave an individual in economic distress. Therefore, it may be in a person's best interest to take steps to protect themselves financially. In some cases, the terms of a prenuptial agreement may spell out what a person is entitled to in a divorce. For instance, an individual may be allowed to keep a marital home or a larger share of a bank account. It may also determine if a person is entitled to alimony.