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How women approach retirement after divorce

Divorcing couples in Georgia may discover that the separation process can have a significant financial impact. Ex-wives are especially affected, with one 2008 study showing that the average income of divorced women sinks by more than 20 percent while the income of divorced men actually increases by almost 33 percent. However, there are ways for female divorcees to prepare for retirement.

According to the results of a study from Boston College, the long-term financial state of a divorced woman will be more favorable if they leave their marriage with possession of the home. When it comes to asset accumulation, homeownership is an important factor in why divorced women have a history of faring better than single women who have never been married.

While getting the home in a divorce may seem ideal, it's not always the wisest option. Many financial advisors and divorce attorneys have divorcing female clients who want to keep the family home even though they are unable to afford the costs of the mortgage, property maintenance, taxes and unexpected emergencies. In some cases, retaining ownership of the home may not be the most ideal option if there is another significant asset available.

A divorce attorney may advise clients about which legal avenues should be pursued to obtain the desired results regarding property division. Legal counsel could engage in negotiation to ensure that a client is able to retain marital assets that can be used to finance their retirement years. By resisting emotional entanglements during a divorce, an ex can get prepared for the future.

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Hecht Family Law
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