When it comes to post-marriage financial issues, women who are 50 or older are more likely to be affected. Divorce and widowhood often leave older women in Michigan particularly vulnerable on the financial front.
According to a report released by UBS Global Wealth Management, 56 percent of women who are married allow their husbands to make the major decisions regarding financial planning and investments. Just over 60 percent of millennial women also adhere to the traditional roles of the previous generation by not taking part in the decision-making regarding investment.
For the report, over 600 women divorced or widowed for no more than five years as well as 1,500 couples were surveyed. In order to participate in the survey, the respondents were required to have had a minimum of $250,000 worth of investments.
Between widowed or divorced women and women who are married, there is a distinct difference in the attitudes regarding the decision-making for significant financial issues. For divorcees and widows, 59 percent of them wished they had played a role in long-term financial decisions while married. Of the married women, the assertion that their husbands better understand financial matters was the reason why 85 percent of them took no part in long-term financial planning. Only 20 percent of women state that they were not content with the delegation of financial duties during their marriage.
A divorce attorney may advise a client who is going through a high-asset divorce about what legal steps should be taken. The attorney may litigate to potentially obtain favorable settlement terms.