Divorce is becoming more common among people aged 50 and over in the United States. To face the end of a marriage that has lasted many years can be financially challenging for any Westchester County spouse. But a recent survey of CPAs shows that on average, women cope financially with a gray divorce better than men do.
The American Institute of Certified Public Accountants surveyed its CPA members who practiced as financial planners. The AICPA asked its members a series of questions regarding their clients who had recently gone through a divorce. According to the survey results, women were more likely than men to demonstrate positive financial habits following a divorce.
For example, women were twice as likely as men to look for employment; the CPAs reported that 40.2 percent of their female clients looked for a job post-divorce, as compared to 20.6 percent of the male clients. Similarly, while only 16.4 percent of the men added to their savings after divorce, 41.3 percent of women did. Women were also significantly more likely than men to improve their spending habits and seek professional financial advice after a divorce.
Many couples who divorce late in life have acquired substantial assets over the course of a decades-long marriage. A high asset divorce can present complex issues of asset valuation, property division and alimony. Pensions and retirement plans must be divided between the spouses, and this must be done in a way that minimizes negative tax consequences. A family law attorney who understands the unique issues of a high net worth divorce can be an invaluable ally to a spouse facing these issues.
Source: Investment News, "Women cope better financially with later-in-life divorce than men: CPA survey," Feb 9, 2017