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Poverty and divorce linked in research results

| Jul 28, 2019 | Property Division |

It is reasonable for people who live in Connecticut to be worried about their finances if or when they get divorced. The impact of splitting assets and finding how to support oneself on a solo income after becoming accustomed to a married income lifestyle is no easy task. For some people, the experience may actually be a contributing factor to eventual poverty according to some research conducted by sociologists at Bowling Green State University.

The researchers took a look at the financial situations of people who were 62 years of age and older and then grouped the people into one of seven different categories based on their marital status, gender and age. Interestingly, the group with the lowest poverty rate included those persons, male and female, who had been divorced before turning 50 but who eventually got remarried. The poverty rate for this group was 3.1%.

Among people who divorced after 50 and then got married again, the poverty rate was 3.3%. A poverty rate of 3.4% was noted for those people who had never divorced at all.

Men who divorced before 50 were found to have a 10.7% poverty rate, just a bit lower than the 11.4% poverty rate for men who were divorced after 50 and never remarried. Women seemed to suffer the most with an 18.6% poverty rate for females who divorced in their 40s or earlier and a 26.9% poverty rate for those who got divorced in their 50s or later but never got married again. Working with an experienced attorney when negotiating the terms of a divorce may help people protect their financial futures by giving them the right help during their divorce.