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Financial security after divorce

On Behalf of | Sep 10, 2018 | Divorce |

In Washington state, women who are going through divorces often worry about whether they will be able to retire on time and what their financial situation might be afterwards. While women who divorce might not be as well off overall as women who remain married, a study published in June indicates that they are better off than women who have never married.

According to a survey by researchers at Boston College, single divorced women were likelier to own their own homes as compared to single women who had never been married. While some women might think that they should fight to keep their marital homes in their divorces as a result of the survey, experts state that is not necessarily true.

The key factor that accounts for the difference between the financial security of single women who have been married and those who have not is that the previously married women had years to accumulate assets together with their former spouses. When they divorced, they were able to take a substantial portion of those accumulated assets whether that in some cases included the homes. It might make more sense for some divorcing women to choose different assets such as retirement accounts instead of the homes.

Women who are going through divorces might want to consult with experienced family law attorneys and financial advisers. The advisers might help their clients to gain a clear understanding of their finances and help them to plan for the future. The attorneys may work together with the financial advisers to help their clients to understand the most beneficial property division scenarios in their divorces and then to negotiate to secure them.