Ending marriages is an unfortunate reality of modern American life, when some four in 10 marriages fail and about a quarter of Americans 65 and older become widowed. TD Ameritrade recently looked at the challenges of divorce and widowhood in the U.S. and uncovered some disturbing findings.
Sixty-five percent of married individuals do not have a financial plan in place in the event of a divorce or spouse's death. But 72 percent of men and 62 percent of women expressed confidence in their ability to manage their own financial situation if faced with one of those events.
But the end of a marriage usually entails some financial hardship. Married individuals in the study reported annual personal income of $61,700. That's $13,100 more than widows/widowers reported and $9,800 more than divorcees.
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