Women today, in Cincinnati and elsewhere, can do almost anything in their professional lives. There are very few boundaries left that women have not been able to cross.
A few decades ago, that was not the case when husbands made the money and the important financial decisions for their families. However, despite the strides women have made professionally, in most families, it is still the husband who makes all the important financial decisions.
That can lead to big problems for women later in life, as Bloomberg reports in "Rise of 'Gray Divorce' Forces Financial Reckoning After 50."
Most married women will outlive their spouses. They might not even have a spouse to outlive, because divorces for people over 50 are becoming increasingly common. The result? An elderly woman who relied on her husband to handle their financial decisions, may suddenly be forced to do so for herself. They often make expensive mistakes in the process.
The best thing for everyone would be for married couples to make important financial decisions together. That way neither of them will need to learn how to handle finances in their elder years.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Bloomberg (April 13, 2018) "Rise of 'Gray Divorce' Forces Financial Reckoning After 50."