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Women may have unique financial concerns in divorce

The divorce rate among those 50-plus has skyrocketed in recent years, leaving many with questions they had not previously considered. Divorce can lead to some major financial changes and surprises, especially for those whose spouses handled the finances during their marriage. Alberta women facing these breakups should take care to learn as much as possible about their marital finances before going through with a separation or divorce.

According to a recent report, 56 percent of married women continue to leave major investment and financial planning decisions to their husbands. While this affects older women and so-called gray divorces, it also should be considered by those in younger demographics. According to the report, 61 percent of millennial women leave financial decisions to their male partners, even more than the average of all age groups.

The report found that many regretted this choice later down the line. According to its findings, 59 percent of widows and divorcees wish they had played a more active role in financial planning. A further finding showed that eight out of 10 of those who remarried took a more active role in finances during their second marriage, and that 94 percent would insist on financial transparency if they were to do it all again.

Alberta women who are getting married or may be considering divorce should pay as much attention as possible to their marital finances. Being aware of everything that is owned in a marriage can allow for easier and more transparent separation agreements and better future planning. Those wondering how to go about discovering financial information in an Alberta separation or divorce should contact a family lawyer.

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