Going through a divorce can have a detrimental effect on one’s finances. California residents who get a divorce are likely to need to divide their assets in half, support two households instead one for a period of time and still have to pay costly fees to their attorney. As a result, these individuals may find that they don’t have enough financial assets to see them through retirement.
According to a study conducted by the Center for Retirement Research, households that have been through a divorce have a net financial wealth that is 30 percent lower than similar households that have not undergone a divorce. The results of the study also show that divorced individuals have a 5 percent greater chance of depleting their assets. However, these statistics do not seem to apply to single women.
Single women who have been divorced seem to have the same degree of retirement readiness as women who have never been married. The reason that women seem to avoid the trend of not having enough money for retirement that plagues other groups is real estate.
After a divorce, women tend to have the children and the costly expenses associated with raising them. They also tend to have the family home, with which they build home equity. Women can use that home equity to bolster their finances for retirement
A family law attorney may work to protect the rights and interests of clients who are going through a divorce. After evaluating the factors surrounding a client’s divorce, the attorney may engage in litigation or negotiation to obtain favorable settlement terms regarding divorce legal issues like child custody, spousal support and child support. The attorney might also advocate on behalf of clients regarding the division of assets, such as retirement funds.
