Divorce Planning Must Consider Life After the Settlement | Opinion
Summary
Divorce in the United States affects many people financially, especially those over 50. Research shows divorce can cause a big drop in living standards, so planning for life after divorce is important to avoid long-term money problems.Key Facts
- The U.S. recorded 672,502 divorces across 45 states, with a rate of 2.4 divorces per 1,000 people.
- Divorce causes a 45% drop in women’s living standards and a 21% drop for men aged 50 and older.
- Emotional stress during divorce can lead to decisions that hurt long-term finances.
- Older couples face challenges because their financial plans are based on shared assets and goals.
- Keeping the family home after divorce may feel important but can be costly due to taxes and maintenance.
- People should consider if they can afford the home and future expenses alone after divorce.
- Arguing over small personal possessions can distract from important financial decisions.
- It is key to approach divorce with careful financial planning to protect retirement and long-term security.
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