Women Bouncing Back Better After Middle-Life Divorce

PFP_infographic_DivorceIt’s not just your imagination.

The divorce rate for couples over the age of 50 – dubbed “grey divorce” – has doubled since 1990.

A new survey reported by Investment News finds that “women are coping with the challenges better than men,” meaning that women are far more likely to adopt positive financial behaviors post-divorce than men.

After a divorce, women are much more likely to:

  • get a job to increase their income
  • start saving more
  • cut their spending
  • proactively seek out financial advice

In the survey, which was prepared by the American Institute of CPAs, financial planners were asked what could have better prepared their mid-career and retirement-age clients for “financial reality” prior to divorcing.

Here’s what they answered:

  • a better understanding of how to manage personal finances
  • understanding the long-term financial planning consequences of a divorce settlement
  • understanding the tax implications of a divorce settlement
  • updating wills or trusts
  • increasing saving for retirement
  • decreasing spending

The Takeaway: Candid and open communication about personal finances, with both partners taking part in setting goals, planning the budget, and managing assets, can help couples build a stronger marriage and bounce back faster in the event of divorce.

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

,

No comments yet.

Leave a Reply