Heymann & Fletcher

Many women are unaware of their finances until a divorce

In the last century, women have gained many rights and more respect from male counterparts than ever before. Despite women becoming more independent, statistics indicate that many women still leave most financial decisions and management up to their spouses. New Jersey readers may be interested to learn that women who have not participated in marital financial decisions often face surprises during a divorce.

A recent study focused on understanding women's involvement with finances in a marriage was collected from two sources. The first group of 600 women surveyed had reportedly been divorced or widowed within the last five years. The second group included 1,500 married couples that had a minimum of $250,000 of assets that could be invested.

The study found that 56 percent of the largest group of women who get divorced left the financial decisions up to their spouse. The large group of divorcees is a group of women who are 50 years old or older, but surprisingly, 61 percent of younger women also left the decisions to their spouse. Many women reported surprises once the separation process began. For some, the surprises were negative enough for them to vow to be more involved in their finances in any future marriages, but some fortunate women did receive surprise news of unexpected wealth upon divorce.

Overall, 94 percent of women who have been widowed or divorced wish they had been more aware of their financial situation. For women approaching a divorce who are uncertain of their financial situation, many find the advice of a New Jersey family law attorney to be invaluable. Not only can an attorney advise an individual of the negotiation process to expect, but attorneys can advise individuals on available resources that may make the process smoother.

Source: bloombergquint.com, "Rise of 'Gray' Divorce Forces Financial Reckoning After 50", Suzanne Woolley, Accessed on May 6, 2018

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