The rates at which couples dissolve their marriages in the United States have been on the decline in recent years. However, there is one age group for whom this does not hold true. For those over 50, the divorce rate has doubled since the 1990s. Though it clearly impacts both men and women in Georgia, one area affecting women more than men, particularly women over 50, is the area of finances.
While gender roles are changing in all areas of their lives, there is still a tendency on the part of women to allow men to handle long-term investment decisions. In many instances, women leave this task entirely to their partners, and they are usually not fully aware of the couple’s financial situation. If such a couple decides to divorce, it can benefit both parties to be familiar with all aspects of their finances.
Failure to be aware of financial circumstances can lead to unwelcome surprises when going through the divorce process. These can include hidden debt, hidden accounts and hidden spending habits. Not all of the surprises may necessarily be negative. There may also be additional accounts, such as 401(k)s, that a woman may not be aware of.
Divorce is a very stressful process. A person facing the prospect of a divorce who is not well versed in the couple’s financial state may want to seek counsel from an experienced family law attorney in Georgia. An attorney can help to explain the financial situation and guide the person through the complicated process to arrive at the best possible outcome.
Source: Post-gazette.com, “Rise of ‘gray’ divorce is forcing a financial reckoning after 50”, Suzanne Woolley, April 13, 2018