For couples divorcing while they're at or near retirement age, finances can more complicated than most. As a result, the American Institute of CPAs conducted a study to find out who manages money better after a later-in-life divorce: women or men?
Financial planners were surveyed and indicated that their female clients make better choices and improve their spending habits than their male counterparts. For example, the survey indicates that women are twice as likely to try to find a job and increase retirement savings.
Noting the importance of taking a long-term look at personal finances is the best approach a later-in-life divorce, the planners also say that there are other things that couples can do, too. These include the following preparations.
- Understanding how to manage personal finances.
- Understanding long-term financial planning consequences.
- Understanding the tax implications of a divorce settlement.
Worried you can't take this on while you're still emotional fragile? A great family lawyer will walk you through all these steps from start to finish. They may even suggest a few extra steps you can take now to make your life less stressful, such as updating your will or trust, increasing retirement savings and creating a prenuptial agreement if you choose to give marriage another go.
Before, during and after a divorce, managing finances and sticking to a budget are major priorities for both sides. There are dozens of decisions to be made about who gets what and how much, and by the time it's all said and done, it may seem like your life is turned upside down. Retaining a dedicated law firm can make that entire process much easier.