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Tips for a secure retirement after divorce

On Behalf of | Sep 4, 2018 | Property Division

A study released in June may seem to seem suggest that women in Kentucky who get a divorce should try to get the marital home, but experts say property division and maintaining financial security is more complicated than that. Some past studies have shown that women tend to suffer financially after their divorce, but women who keep a home after a divorce might be more financially secure than single women.

Traditionally, women are usually advised to get rid of the home because its upkeep can be costly. Financial advisors point out that the larger lesson is that when women get retirement assets in a divorce that they are able to hold on to, they tend to be better off financially. Since a house is not a liquid asset, women are less likely to use it on things such as a child’s college education than they might be with other assets.

Another point experts have made is that the study looks at whether women own a home but not whether it is the marital home. Women who do get the marital home in a divorce might want to consider downsizing to something more affordable on a single income. What seems to be most important for women’s financial security seems to making sure they get their share of assets based on their financial situation.

It may be possible for couples to reach an agreement about property division by negotiating. However, it is important that the person who is likely to be more financially vulnerable does get a fair share of the assets. An attorney may be able to assist a person in setting goals for these negotiations and getting what is needed.