In general, as people age, they tend to accumulate assets and receive gradually larger salaries. Couples, too, are often lucky enough to increase their standard of living over the years, and the more years they remain married, the more intertwined their finances become. Now, results from a recent survey of 546 people who divorced after having been married for 10 years or longer have revealed that longer marriages often mean a bigger financial impact on divorcing spouses.
The study, published in April 2014, identified the following three main issues that seem to impact spouses ending long-term marriages most significantly:
The main takeaway from these figures is that the longer a couple’s finances are entwined, the more financially vulnerable each spouse is in a divorce. In fact, among those surveyed, those married for 20 years or longer were less likely to say their finances were better after the divorce than those married 10 to 19 years. They were also less likely to say they were better off financially in comparison with their exes.
With support and guidance from a skilled attorney, it’s possible to protect yourself financially in a divorce. To learn about your options, contact a skilled divorce attorney in Minnesota.
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