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Coincidentally, it turns out that both Phyllis and Belinda’s husbands are older than them by over a decade (11 years for Phyllis, and 15 for Belinda), and both named David too.

Should it be "Phyllis' and Belinda's husbands" instead?

Thanks!

Except to avoid ambiguity, we normally do not apostrophize the first of a pair of possessives.
(There is no danger of ambiguity here.)