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Women, divorce and retirement

On Behalf of | Sep 4, 2018 | Divorce

Women in Florida who get divorced are likely to experience a more negative impact on their finances than men. According to a 2008 study, divorced women tend to experience a 20 percent drop in their income while their ex-spouses actually experience an increase in income of about 33 percent.

However, there is one aspect of finances in which divorced women may not be so negatively impacted. Divorced women who are able to retain ownership of the family home seem to enjoy long-term financial health.

According to a study conducted by researchers at the Center for Retirement Research at Boston College, women who have been divorced tend to fare better than single women who have never been married when it comes to the accumulation of assets. Homeownership is an important factor as single, divorced women have a higher likelihood of having a home than single women who have not been divorced.

Even though retaining the home after a divorce may seem ideal, many financial advisors and divorce attorneys have divorcing female clients who want to keep their home but are unable to afford the property taxes, mortgage payments, property maintenance costs or expenses for unexpected emergencies. In situations in which there is another significant asset available, retaining the home may not even be the wisest option. Financial advisors and divorce attorneys are concerned with the results of the study as they believe that more women may insist on retaining the home when it is not a financially sound move.

A divorce attorney may work to ensure that clients are able to retain the assets they will need to have financial security in their retirement years. Litigation might be used to obtain favorable settlement terms regarding the division of assets, such as real estate and financial accounts.