Divorce rates continue to rise for Texas couples over the age of 50. Unfortunately, many of these exes are affected by a severe lack of financial preparedness. A recent study shows that women are more likely to find themselves in this position since most wives over 50 leave major financial decisions to their husbands, according to a recent study.
The survey, which was conducted by UBS Wealth Management, questioned 1,500 couples along with 600 divorced women over the age of 50. Among the men questioned, nearly 70 percent felt it would be appropriate for their daughters to allow future husbands to control the finances while barely 50 percent of women felt the same way. Unsurprisingly, among divorced women, 94 percent would insist on complete financial transparency in a future marriage. This number is likely related to the finding that nearly 60 percent of women surveyed discovered financial ‘surprises” during the course of their marital break-ups.
Baby boomers have experienced skyrocketing rates of separation, which have been called ‘gray divorces.” As young adults, the post-WWII generation caused divorce rates to rise, and now they are continuing the trend into later life. Divorce rates for people over 50 have doubled in recent years, with even higher rates for those in second or subsequent marriages. Many so-called ’empty nesters” are electing to divorce as well. Roughly a third of all women over 50 having experienced divorce in the past three years came out of a marriage lasting over three decades. Of women in subsequent marriages, 80 percent say they are taking a more active role in family finances.
Divorce at any age is a difficult decision. However, it can be more difficult to grasp the consequences of ending a marriage if one spouse is uninformed regarding financial matters. Consulting a qualified family law attorney could lead to important insight and guidance.