Recent family-related news included six things that women have not been traditionally aware of when approaching divorce, ramifications on marriage due to longevity, financial implications related to the “gray” divorce, the importance of considering future college expenses for children when negotiating the divorce settlement, and financial tips for women considering divorce.
The 6 Nasty Financial Surprises For Divorcing Women Laura Itkin, Forbes, July 15, 2018 Six surprises divorcing and divorced women often encounter during their divorce proceedings are: Being unaware of the total size of their marital debt, not anticipating they would have to return to the workforce, assuming child support and/or alimony would be higher or last longer, assuming they could keep the marital home, the staggering cost of health care insurance and underestimating the cost of getting a divorce.
Do Longer Lives Mean That One Lifelong Marriage Isn’t Enough? Corinne Purtill & Dan Kopf, Quartz, July 15, 2018 Older people in the US are getting divorced more than they ever have before, with the rate of divorce among those 50 or older roughly doubling in the past 30 years… Couples today enter the empty nest phase with more time ahead of them than ever. At least some have been willing to question whether the relationship they had in their first phase of adulthood is worth continuing into the next one.
Dividing Your Assets in a Gray Divorce Mary Kane, Kiplinger, August 2, 2018 The closer you are to retirement, the more crucial it is to get it right. But with gray divorce on the rise — the divorce rate for adults over 50 has doubled since the 1990s, according to the Pew Research Center — both partners need to understand how to correctly split up retirement plans and other assets. One partner may offer to be generous, but that’s not necessarily helpful.
Getting Divorced? Don’t Forget to Talk About How You Will Pay for Your Kids’ College Carmen Reincke, CNBC, August 10, 2018 Some states require parents to address how they will pay for college in divorce decrees. Regardless of your home state’s rules, experts say that divorcing parents should work out an agreement about college for their children. Divorce and remarrying can have an impact on financial aid eligibility, and some schools will require financial information from both parents.
This Is the Single Best Way Divorced Women Can Secure a Successful Retirement Suzanne McGee, Time, August 10, 2018 There’s is a phenomenon sometimes referred to as the “divorce gap.” It was documented by Stephen Jenkins, a professor then working at the University of Essex, who found in a 2008 study that women who divorce see their income fall by more than a fifth, and stay low — while the men they divorce see their income rise by about a third… But now comes a new study, from the Center for Retirement Research at Boston College, suggesting that when it comes to their long-term financial wellbeing, divorced women may not be as badly off as previously feared. The key to success may involve leaving the marriage with a key to a home of your own.
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