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Divorcing women face financial surprises

Divorce takes its toll on Tennessee women in many ways. While they may expect it to be hard on them financially, they may not be prepared to face financial surprises during the process. That's what a new study, "Building a Financial Fresh Start," found when researchers interviewed almost 1,800 women who were either considering divorce, in the process of a divorce or already divorced. Approximately 22 percent of the women were at least 55 years old.

How to complete a divorce in a timely manner

Tennessee residents who are choosing to get a divorce could create a divorce settlement in a variety of different ways. In some cases, it may be possible to simply come to an agreement without the need for mediators or judges. However, it may also be necessary to go through mediation or arbitration to create a settlement. How long it takes to actually come to an agreement depends on the willingness and ability of the parties to work together.

Reasons for the increase in gray divorces

When a spouse age 50 or older gets a divorce, it is known as a gray divorce. This type of separation has become more common in Tennessee and throughout the country in recent years. Part of the reason is because there are more people are falling into this age demographic. In 2010, there were 99 million Americans who were 50 or older. That number was just 63.5 million in 1990.

Some women may be unprepared for financial side of divorce

Some women in Tennessee may be among the more than half of married women who allow their husbands to make the major financial and investing decisions according to a survey by UBS Global Wealth Management. The firm surveyed 1,500 couples with at least $250,000 to invest and found that most married women reported that they were happy with this setup. However, a majority of the 600 widowed and divorced women surveyed said they wished they had been more involved in financial decision-making.

How to get ready financially for divorce

People in Tennessee who are considering divorce might want to first take the step of getting their financial house in order. This might start with getting copies of all financial documents including bank statements and tax returns. This step could be particularly important if a person anticipates that the divorce may become acrimonious and it might be a struggle to get this information from the spouse. These documents should be kept somewhere safe such as in a safe deposit box or with a friend.

Tips to guide children gently through the divorce transition

The dissolution of a marriage is an emotionally challenging time for all members of a family in Tennessee. Parents have the added burden of managing how the breakup affects their children. A commitment to co-parenting and sensitivity to the emotions of the children can aid parents during the establishment of two parental households.

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