Divorces among people who are older are on the rise. When older Texans choose to end their marriages, they may encounter some unexpected financial problems. These problems may be especially difficult to handle when there has been a power difference between the men and the women in terms of the financial decisions made during the marriages.
As much as 56 percent of women report that they let their spouses make the financial decisions in their marriages while the women assume other duties. If these couples decide to get divorced, the women may be left with an unclear picture of the state of their finances. They might also not have gained the knowledge that they need to handle their finances when they are suddenly on their own.
Spouses may have engaged in spending that they have hidden and may have built up debts. Like assets, debts are divided in divorces. This means that spouses who were unaware of their estranged partners’ spending habits might find that they are suddenly responsible for debts that they did not know existed. Others may learn that their former spouses have opened hidden accounts or transferred assets in an attempt to prevent them from getting their rightful shares.
People who are ending lengthy marriages may find that the property division portions of their divorces are highly complicated. They may want to get help from family lawyers to determine how to divide their property in a manner that will protect their interests. The lawyers may help their clients to understand their financial pictures so that they might be better prepared for their lives once their divorces are over.