Finances are handled in a variety of different ways amongst married couples, as many Massachusetts residents know. Many older couples have spent years, sometimes decades, acquiring various assets, and many women have been content to allow their husbands to make the majority of the financial decisions. This may cause problems for some when they find themselves in the midst of a high asset divorce.
There are many reasons why a significant percentage of women, ranging from baby boomers to millennials, choose to leave the financial decisions to their spouses. Some may believe that their spouse knows more or is more qualified to make financial decisions. Others may simply be content to allow their significant other to handle it.
If they are unfamiliar with the finances, ex-spouses may find themselves surprised during the divorce process. A person may discover that her or his spouse may have been hiding a debt or other financial obligation. Others may be surprised in a more pleasant way by discovering that their partners have a 401k or other retirement account that may be divided.
Many divorced women and widowed spouses who have been caught off guard by their sudden financial responsibilities encourage others to take an active role in making financial decisions in their marriages. People in Massachusetts who are considering divorce could benefit from speaking with an attorney. In the case of a high asset divorce, a lawyer may be able to help his or her client to understand how certain assets may be divided and how the client’s future finances may be affected.