Divorce can have a significant impact on your finances, particularly when it comes to your retirement assets. According to a study by the Center for Retirement Research (CRR), households that have not been through a divorce have a 30 percent higher net financial wealth than households that have been through divorce. Divorced people are also five percent more likely to run out of assets than non-divorced people.
However, single women who get divorced are at the same financial level as those who never married. This is often because divorced women, particularly those with children, keep the house, and that house can make a huge difference when it comes to their financial security.
This doesn’t meant that people should automatically keep the house in a divorce. In fact, many attorneys encourage people to get rid of the house due to property taxes, maintenance fees, and other costs. People are not always happy to get rid of their family home due to the emotional attachment they have to it, but it may be the right move. After all, if you decide to keep the house, then you may have to give up other assets.
The divorce process can be complicated, and the decisions that an individual makes can have significant long-term consequences. Therefore, whether dealing with property division, child custody, alimony, or other family law matters, individuals may require guidance from a qualified attorney. For more information about divorce legal issues, including what assets you should keep and which ones you should get rid of during your divorce, contact a divorce attorney to advise you based on your personal circumstances.
