There is no question that for many who reside in Kentucky, divorce is one of the most stressful things they will go through. That stress can make it easy for someone who is involved in the process to want to resolve the matter as quickly as possible. While that desire is understandable, decisions should not be made too hastily. The agreements reached in the course of a divorce can have an impact far into the future. In particular, women should not make financial decisions too quickly.
Retirement Accounts
In the course of a divorce it can be easy to focus on only the matters at hand. Even if retirement seems far into the future, now more than ever, it is important to start planning early for that period of life, and people often start saving as soon as they start their first full-time job. Despite both genders beginning to save early, over time, it is common for women to end up with workplace retirement plans that contain less than their male counterparts. This is due to a variety of reasons including women staying home to care for children, less aggressive investments and lower salaries.
Women Struggle to Make Up the Difference
Following a divorce many of the expenses a couple previously paid-such as mortgages or rent-are doubled. Research indicates this change impacts women harder than men. Furthermore, when women must work following a divorce, lower salaries-particularly for those nearing the age of retirement-can make it difficult to make up that difference. This may make it necessary for those individuals to dramatically change their lifestyles, both in the present, as well as retirement.
Aggressively Pursue Financial Settlements
While there are some financial inequities that may be unavoidable following a divorce, taking the time to ensure the settlement you receive accounts for retirement accounts can make a difference in the long run. We understand the importance of uncovering and considering all financial accounts and are not afraid to aggressively represent you in court. To learn more please see our website.