Since the 1990s, the divorce rate for men and women 50 years old and older has doubled. North Carolina women who are over the age of 50 and who get a divorce may face an uncertain financial situation after their divorce. According to a report issued by the UBS Global Wealth Management, 56 percent of married women allow their husbands to handle long-term financial decisions, so they can be financial vulnerable.
Women in the millennial age range are even more likely than older women to let their husbands be responsible for investment decisions. Sixty-one percent of millennial women defer to men regarding finances compared with 54 percent of women in the baby boomer age-range.
Married women and divorced or widowed women have drastically different attitudes regarding making significant financial decisions. More than half, or 59 percent, of divorcees and widows wished they had participated in making long-term financial decisions when they were still married. For married women who had no role in long-term financial planning, 85 percent stated that their spouses were more knowledgeable about financial matters. The percentage of women who reported being satisfied with the way financial duties were allocated during their marriage was 80 percent.
Even with the advancements women have made in the workplace and at home, they still tend to relinquish decisions regarding their financial future in the hands of their husbands. Women who are now single after a divorce or death of their spouse are very likely to warn other women to take a more participatory stance in their long-term financial futures.
A divorce attorney may assist clients with obtaining favorable settlement terms in a high-asset divorce. Litigation might be used to protect clients’ rights regarding the division of assets, such as retirement and real estate.