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Common financial surprises that divorcing wives may encounter

A recent study of 1,785 adult women who were at some point in the divorce process found that many were surprised by the financial implications of separating. Specifically, 46 percent said that they were caught off guard by issues such as the cost of the divorce or the amount of debt their household had. Many were also shocked that they would not be able to keep the marital home. The findings of the survey may be of interest to wives in New York.

Of those who were surveyed, 22 percent were over the age of 55. Among that age group, 38 percent said that they had been surprised by the implications of ending their marriage. However, this was lower than women in other age groups. One way to avoid surprises in a divorce is to take an active role in the household finances while married. Roughly 24 percent of participants ages 18 to 54 said that they let their husbands handle all the financial decisions. This can put a person at a disadvantage if they ever need to manage their own finances after a separation.

In the aftermath of a divorce, those who were 55 and over were focused on building a retirement portfolio. This can be worthwhile for a spouse of any age as people tend to live longer now than in previous eras.

The end of a marriage may require a person to reassess his or her financial situation. A financial adviser may be among those who can help a divorcee do this. In addition, an attorney can provide helpful guidance and craft a divorce agreement. Legal counsel could also help an individual obtain alimony or a larger share of marital property.

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Trotto Law Firm, P.C.
140 Allens Creek, Suite 3
Rochester, NY 14618

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