: Gray divorce is most often initiated by women — even though it can crush their finances 

by | Sep 11, 2023 | Stock Market

Despite the risk of taking a hefty financial hit, more older women than men initiate divorce, often finding they weigh happiness and independence over money. Women initiate divorce at age 50 and older – also known as gray divorce — in 66% of cases, according to research by AARP.

“We’re seeing more women choosing to get divorced later. In the majority of cases, women are driving the divorce decision,” said Susan Hirshman, director of wealth management for Schwab Wealth Advisory and the Schwab Center for Financial Research.  “A lot of it has to do with independence and feeling financially secure. It’s not like the stereotype of other generations when the woman was financially dependent on the man and had no choice but to stay,” Hirshman said. In addition to women initiating a divorce later in life more often, fewer widows remain compared with widowers, according to Renee Hanson, a private wealth adviser with Ameriprise Financial. “Finances are not as important as happiness,” Hanson said. “They say, ‘I have a new level of financial status that I’m willing to accept in order to be happy.’ Women are becoming more educated with finances than ever before. They’re also …

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