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Financial concerns when divorcing over 50

| May 8, 2018 | Divorce |

For older spouses in New Jersey considering divorce, there can be some important factors to keep in mind. Since the 1950s, the divorce rate for Americans over the age of 50 has doubled. This has led to major emotional and financial changes in the lives of many seniors.

Divorce can be a particularly significant concern for older women, many of whom let their husbands make the majority of financial decisions. According to a recent survey, 56 percent of current married women leave major decisions on household finances and investing in the hands of their husbands. This includes 61 percent of Millennial wives and 54 percent of baby boomer women. If anything, this trend is more prominent among wealthy Americans; the survey respondents included people with at least $250,000 to invest.

However, when it comes time to divorce, the sudden need to make financial decisions can be jarring. In retrospect, 59 percent of widowed and divorced women regretted not playing a more active role in financial decision-making during their marriages. While 80 percent of the surveyed women said they were satisfied with their marital financial planning, those feelings could shift sharply after a divorce. Over half of divorced and widowed women said that they learned previously undisclosed things about their finances. This was reflected in later decisions they made — 80 percent of the divorced and widowed women said that they had increased their role in financial planning in a later marriage.

When spouses are considering divorce later in life, financial planning and asset division can be major concerns. A family law attorney can help a divorcing spouse defend their rights and achieve a fair settlement.