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The importance of fiscal literacy while married

Historically, wives in Florida and throughout the United States have allowed their husbands to make most of the family financial decisions. This tends to be true regardless of how old a married woman may be. According to a recent survey from UBS Global Wealth Management, 61 percent of millennial women let their husbands make the investment decisions for their households. However, the rise in divorce rates for those 50 and older may force more women to reconsider their financial futures.

According to the UBS study, there were many financial issues that ex-wives were not ready for after getting a divorce. For instance, some were not aware of what a 401(k) was or generally regretted not being more involved in the financial decision making. Of those who took part in the survey, 94 percent said that they would have insisted on transparency if they knew in hindsight what they did now.

Some were surprised to find that their spouses didn't reveal all of their spending or had hidden accounts. Of those who got married again, 80 percent said that they were more involved in household financial decisions the second time around. This can be beneficial as a second marriage is more likely to end than a first marriage.

Dividing assets is more likely to be a point of contention for older folks looking to get a divorce. This is because the marital home, investment accounts and retirement savings may have had more time to accrue value. An attorney with experience in family law could help a divorcing spouse through the process of negotiating a fair division of assets.

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Brandon Family Law Center, LLC

Brandon Family Law Center, LLC
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