12th August: Let us see divorce implications on financial life here.
So, let us explore the issue here now.
Divorce implications on financial life—Do you want to know divorce implications on financial life? If yes, then read on this article to know more about this issue.
Divorce decision—how will it affect my financial life?—consider the example of a lady whose husband of 37 years has filed for divorce. She does not have anything financially. She will be getting $50,000 of her hubby’s retirement account. She makes nearly $48,000 annually. Her children are grown up now.
Keeping the house or selling it?--She does have the choice of keeping the house. Her relatives and friends suggest that she must keep the house and live there. But she thinks the house to be too big for her to live and maintain. Moreover, its quite old and will be requiring repairs too.
However, if she decides to sell the house, she shall have to divide the money from the sale proceeds with her husband.
Advice of experts—Well, as per the experts, its true that her financial life is going to be different now. But the good thing is that she will not live in the dark anymore. Moreover, she shall have to reconstruct her financial life from scratch. But, she must take this in positive stride and consider it to be empowering for her.
Get advice of an attorney—One must get the advice of an attorney for the best decision. The attorney’s advice will be of great help in sorting out the issue of a mortgage-free house.
However, it is, to a great extent, clear that the house (which is too big and needs much repairs) must be sold. The good thing is to get a home that is going to be affordable keeping in view one’s income.
- Another important thing is to get your credit report at the earliest.
- Also, you must separate your credit records from your husband’s credit records in a systematic manner.
- Your assets and your debts from your marriage will be divided by your attorney.
Retirement and your financial life—Well, talking about retirement, you need to take decisions that will not compel you to continue working forever. This is as you reconstruct your financial life in the coming period. You must supplement your Social Security income with income from retirement assets which you will build.