When Washington couples decide to divorce, the financial effects can linger on long after the emotional problems have been sorted out. People need to adjust to handling their budgets on their own, which can be a more challenging task if they always left the finances to the other spouse. Not only may people’s standard of living change after divorce, but they may also face difficulties adjusting to the cost of a single life. However, five years after the divorce is finalized, most people feel as if they are back on their financial feet and moving forward once again.
However, those who are the quickest to bounce back financially after a divorce are usually those who were most familiar with the finances before the divorce. With more knowledge about how to plan for the future, save and invest, they are better equipped to make decisions for themselves moving forward. Those who left their financial management to the other spouse were much more likely to regret it after the end of the marriage, with 80% saying that they wished they had made another choice. These people were also the most likely to suffer financially after the divorce, with 40% saying they were still working on recovery.
Women in particular may want to pay attention to their retirement accounts and savings. The vast majority of both men and women said that they were involved in daily financial activities and record keeping for their homes, but only 60% of women said that they were actively involved in long-term savings and investment for retirement.
With more people choosing to divorce later in life, having a good understanding of retirement plans for the future can be important to rebuilding those assets. A family law attorney may provide advice and guidance on the property division process during a divorce.