Current trends show an increase in marriages breaking up for individuals over the age of 50. So many couples are calling it quits that a new term has been invented — gray divorce. With gray divorce, property division and splitting of investments usually assumes a greater importance. Some individuals in Nebraska may need to brush up on their financial education when the time comes to separate from a partner.
Studies show that women who have been through a divorce tend to wish that they were better informed about money. According to the study, even younger women tend to leave more of the financial and investing decisions to their male partners. A majority of women in the study who were divorced or widowed say that they wish they had taken more of a role in planning for their financial future.
In fact, when these women remarry, they overwhelmingly chose to take a more active part in the marital finances the next time around. A late-in-life divorce can come with some financial surprises for those who do not regularly take part in the finances. Not all of those surprises are negative. Some individuals discover retirement accounts that they did not know they were entitled to a portion of. Other surprises, like hidden spending and debt, were less pleasant.
Individuals in Nebraska considering a divorce may want to brush up on the marital finances and become more aware of the state of the marital money. A person who has not been active in planning for his or her financial future may desire more help as he or she goes through a divorce. An experienced family law attorney can be a potential source of help and guidance.
Source: Bloomberg, “Rise of “Gray” Divorce Forces Financial Reckoning After 50″, Suzanne Woolley, April 13, 2018