Individuals reaching retirement age are choosing to leave their partners more often. The new trend is known as gray divorce, and the numbers of people over 50 who break off a marriage are rising. Ending a marriage at this later-in-life stage may prompt some individuals to look more closely at finances and investments. Texas residents who may not be currently involved with marital finances may soon decide that an active role may be useful for their needs.
A recent study revealed that often, women still tend to defer to their husbands when it is time to make investments. Many women know little about the nut and bolts of family finances. When the time comes for divorce, these woman may find some surprises.
Not every surprise is a negative one. Some women find out that they are entitled to a portion of retirement accounts that they had no previous knowledge about. Other women find out about hidden debt and hidden spending when ending a marriage. According to the study, most women who were divorced or widowed and chose to remarry took a much more active role in the family finances when they remarried.
In Texas, a gray divorce may mean that individuals divide property and retirement assets with their soon-to-be ex partners. For an individual who is not very familiar with financial matters, the thought of doing so can be intimidating. Some people look for outside help in these matters. One such source of potential help is the guidance of an experienced family law attorney.
Source: Bloomberg, “Rise of “Gray” Divorce Forces Financial Reckoning After 50“, Suzanne Woolley, April 13, 2018