In a prior post, we highlighted the importance of preparing for one’s post divorce financial life. Living without two incomes may be unfamiliar for some divorcees, with many needing to make major concessions to make ends meet on one salary. Even with child support, many divorcees may need an adjustment period in order to get used to this new reality.
A major part of one’s new financial reality involves making investment decisions. This is often foreign territory for some divorcees. This is particularly true for women over the age of 50, according to a recent Bloomberg.com report. Also known as “gray” divorcees, women who are splitting up later in life are more likely to have become accustomed to letting their spouses make financial decisions during their marriage.
This may result in a spouse knowing very little financial information that must be analyzed to achieve an equitable distribution of the marital estate. Because of this, it is not surprising for a divorcing spouse to learn about hidden spending, hidden debt and clandestine accounts that were concealed during the marriage.
So while there may not have been financial transparency during the marriage, it is required during a divorce. Therefore, discovery during a divorce is essential. Without full disclosure of assets, a party does not have complete information to make informed decisions about settlement.
An experienced family law attorney can ask the right questions and seek relevant information so that the transition to post divorce life can be made without adverse surprises.
The preceding is for informational purposes only and does not constitute legal advice.