Finances can be a top contention between married couples. Often, arguing about how to properly handle their money, some couples have come to an agreement to allow one or the other to handle the family finances to avoid arguments. As the divorce rate has doubled in the last couple decades for people over 50, there has been an influx of women coming to terms with surprising financial revelations after years of being left relatively in the dark during the financial planning. Many divorcees would advise Massachusetts women to become more involved in the family finances early in a marriage to avoid unexpected economic repercussions.
Over 50 percent of married women leave the financial planning and decisions to their husbands. However, if divorce follows decades after a marriage, some women have discovered financial surprises during a separation. There are discoveries of secret spending, hidden debt and unknown accounts. Though not all negative, some revealed that there were retirement savings that would benefit from.
In hindsight, the majority of divorcees would agree that married couples should be transparent with their finances. A survey of women in their second relationship concluded that they are actively involved in the financial decision-making in their second marriage. These women have experienced and understood how the lack of involvement may affect their future post a divorce.
As a Massachusetts couple considers a divorce, finances will be a main factor during a separation. Most couples will need to consider property division, child support, spousal support, etc., all affecting one’s finances. He or she would benefit enlisting the aid of an experienced attorney to help guide a smoother financial transition during a divorce.
Source: bloomberg.com, “Rise of ‘Gray’ Divorce Forces Financial Reckoning After 50“, Suzanne Woolley, April 13, 2018