Although most marriages begin with hope, love and visions of a future together, some statistics suggest that almost half end in divorce. Reportedly, divorce rates have stayed about the same over the last several years except in one category. More marriages are ending for people who are older than 50, and that category is continuing to increase. Surprisingly, it has been suggested that many women who have ended a marriage after the age of 50 have very little knowledge of the state of their finances. Without the assistance of an experienced Pennsylvania family law attorney, processing a high asset divorce without an understanding of marital finances could prove to be difficult.
A survey of 600 widowed or divorced women and 1,500 couples who shared assets of at least $250,000 were surveyed to understand their handling of finances together. Surprisingly, more than half of the women reported that they left most of the money management of finances to their spouses. In comparing younger women’s habits to older women’s, data for younger couples indicate that the statistics for younger women are very much the same.
The rate of divorces over the age of 50 is increasing, and many women who have little knowledge of their shared finances often experience a surprise when negotiations begin. Some surprises such as unknown debts are difficult to discover, but others find out that they share more assets than they realize. Because many women discover unknown financial situations following a death or divorce, as many as 94 percent of women report they intend to be involved in finances in any future relationships.
It is understandably overwhelming to consider a divorce after many years of marriage or after the age of 50. Some individuals discover that ending a marriage is best for their health and well-being. Anyone who is overwhelmed with processing a high asset divorce may find valuable assistance from an experienced family law attorney in Pennsylvania.
Source: bloomberg.com, “Rise of ‘Gray’ Divorce Forces Financial Reckoning After 50“, Suzanne Woolley, Accessed on May 9, 2018