There has been a recent rise in “gray divorce” – a buzzword coined for those couples divorcing after the age of 50, many of whom have been together for a number of decades. The number of divorces in this age group may be increasing, but this does not change the unique challenges faced by these splitting couples. After all, the longer you are married the more intertwined your life, finances and obligations.
For many of these couples, the woman is at an additional disadvantage. While more and more women are nurturing their own careers and playing an active role in financial planning, there was a time when this wasn’t necessarily the case, and many women deferred the handling of financial matters to their husbands. While this may have made sense at the time, especially in a single income household, it can cause a number of tax related problems when a couple decides to divorce. Read more.