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Financial knowledge important for post-divorce success

Divorce can have a major effect on the financial well-being of people in Georgia even years down the line. It can take some time to recover from the property division process, including rebuilding retirement accounts and adjusting to the budget of a single person. However, some people are more likely to be negatively affected by a divorce, and planning in advance can help to avert these negative consequences. The people most likely to struggle with finances five years after a divorce were those who were not involved in daily financial planning and decision-making during their marriages.

Not only may one spouse handling all of the finances reflect an unequal partnership or give rise to conflict, but it can make it more difficult to recover from divorce. People with little knowledge about how to handle finances may find themselves making poor decisions when they need to learn money skills on their own. Experts say that it is important for both partners to be involved in financial management and decision-making, from paying the bills to planning for the future. They warned that while 80% of both men and women are involved in daily financial affairs, only 60% of women are involved in long-term retirement planning.

In the study, those who were not involved in finances during their marriage were more likely to regret their choices after a divorce. Even during the divorce itself, financial knowledge can be important in working to achieve a fair distribution of marital assets. Each spouse should know about their bills, liabilities, bank accounts, investments and tax returns, even if only one person is responsible for managing them.

When people have significant assets like large retirement accounts as part of a high-asset divorce, property division can be particularly complex. A family law attorney may work with a divorcing spouse to provide representation and aim for a fair asset division settlement.

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Hecht Family Law
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