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Simplifying property division with a firm grasp of one's finances

Divorce and its aftermath can be difficult for women, in particular those who, despite decades of evolving gender roles, have allowed their husbands to handle the financial decisions throughout their marriages. In fact, one report noted that 56 percent of married women allow their spouses to do the financial planning and investing. This often results in complications when those marriages end after decades and the women are left trying to rebuild their wealth. Moreover, a Florida spouse who leaves the bulk of the financial burden to her partner may find some unexpected surprises during property division.

The rate of divorce among those older than 50 has doubled in the past 25 years. Many of those couples find themselves splitting their retirement funds and other investments. However, spouses who took no part in planning or executing those investments may discover there is not as much there as they expected. In fact, some spouses have reported learning too late that their partners had hidden bank accounts and other assets. Others discovered their spouses had accumulated considerable marital debt for which both partners now shared responsibility.

Nearly 60 percent of divorce or widowed women regretted relinquishing their involvement in financial planning to their husbands. In fact, 80 percent of those women who remarried reported full participation in the management of household money in their new marriage. They also advised other women to take an active role in the family finances, investment planning and other critical matters, such as estate planning.

When property division includes separating investments and debt, both parties can help themselves by having a solid understanding of their financial situation. A spouse who is seeking a divorce in Florida may find the assistance of an attorney particularly helpful when dealing with those complex issues. An attorney will advocate for the client's rights and best interests.

Source: thinkadvisor.com, "Rise of 'Gray' Divorce Forces Financial Reckoning After 50", Suzanne Woolley, April 17, 2018

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