Going through a divorce is never easy, but is can be especially difficult for older spouses. Making matters worse, some spouses are also preparing to take control of their own finances for the first time in decades. Far too many Punta Gorda residents allow their partner to handle all of the family’s finances, which can leave them ill-prepared to assume those duties after a divorce.
The statistics show that as many as 56 percent of married women allow their husbands to control family finances. However, there are also plenty of men who allow their wives to be the family accountant. Regardless of gender, when one spouse does not remain actively engaged in money management, he or she can struggle to get back in the swing of things as a single person.
The best way to prepare for the future is by educating oneself on financial matters. Learning how to create and stick to a budget is a great place to begin. Budgeting becomes essential as spouses are forced to alter their spending and saving habits in the aftermath of a divorce.
Older spouses also have to consider their retirement needs when planning for the future. Working with a divorce attorney can help spouses understand how retirement savings will be divided, and how their retirement plans may need to change accordingly. While this can be a daunting, it’s helpful to remember that divorce also creates the freedom to shape one’s retirement plans to fit personal goals and dreams.
There are many financial needs that come with a late-life divorce. But working with a good legal and financial team can help Punta Gorda residents find their way through this challenging time. Very often, assuming control of financial matters is a great source of pride, and the springboard to many new opportunities in the years that follow a divorce.
Source: bloomberg.com, “Rise of ‘Gray’ Divorce Forces Financial Reckoning After 50“, Suzanne Woolley, April 13, 2018