For spouses age 50 or older, a divorce can represent a major life change. In some cases, a newly divorced person in Colorado could be responsible for their own finances for the first time. The financial decisions that they make can have a big impact on their future. In a UBS Global Wealth Management survey of divorced and widowed women, 59 percent of respondents said that they regretted not making such decisions when they were married.
The report also found that 85 percent of woman participants said that their spouses knew more about money than they did. Others were simply content to let their spouses make the financial decisions or were content with how financial decisions were made overall. Women who were divorced and not active in making financial decisions while married encouraged other wives to be more involved.
While some may assume that younger women take an active role in their household finances, this isn’t always the case. The UBS Global Wealth Management report found that 61 percent of millennial women let their husbands make decisions about their money. After divorce, many respondents said they found hidden spending and secret accounts. Learning about 401(k) accounts was another common surprise that respondents encountered after ending their marriages.
Working with a family law and divorce professional may make it easier for a divorcing individual to obtain a favorable settlement. In some cases, this means getting a larger share of marital property. It may also mean getting sole custody of a child or other parental rights. An attorney could work with a client to resolve the matter through mediation or litigation.