A study conducted by TD Ameritrade in 2017 highlighted how 40 percent of all marriages end in a divorce and how at least 25 percent of all seniors age 65 and older are widowed. If you’re wondering what one statistic has to do with the other, it’s that at least 66 percent of those belonging to both groups admitted to not having a contingency financial plan in place if one of these life-altering events occurred.
The researchers also found that women were 10 percent less confident than men in their ability to skillfully manage their finances if their husband passed away before them. The overall confidence level of both men and women to properly manage their money was significantly low at 62 percent for women and 72 percent for men.
The researchers determined that both divorcees and widows could have greatly improved how well that they were able to adapt to these life-changing events simply by doing more advanced financial planning.
They noted that the best thing that women could do to keep them from financial ruin post-divorce was to set aside some money while they were still married. By setting aside some funds along the way, a woman could greatly improve her ability to adjust to her post-divorce life including being able to pay for attorney’s fees, the services of a forensic accountant and setting up her new home.
Also, they suggested that women considering filing for divorce could help preserve their financial future simply by making copies of tax documents and pay stubs before telling their spouse of plans. Making an inventory of assets and debts and getting big expenses out of the way before deciding to have a conversation about divorce with their spouse could also save them money in the long run.
In cases in which there are retirement accounts or deferred compensation plans, it’s important that a divorcee carefully considers which is the best to lay claim to. Depending on which one she chooses, a Qualified Domestic Relations Order (QRDO) may be necessary for funds to be properly diverted.
Couples who share minor children or who have significant assets often require the help of attorneys, mediators, parenting coordinators and accountants to help them resolve their differences. In contested cases like these, a husband or wife can be greatly benefitted by having an experienced Fort Myers attorney there to safeguard their interests.