You probably never want to think about divorce — but its a very real reality for some folks. If you’re putting time and effort to look at how life and finances will look once you join up with someone — its worth the same look if you are looking at splitting up.
Its grim — but its something that I wanted to get out there for some of you — and for your peeps. This talks specifically about a divorce, but I know that now a days there are many people who are together in domestic partnerships or living arrangements that may want to take a look at parting ways and the what makes those situations different. So stay tuned!
Making the HR connection, yours, thegirlinhr
The secret: Forget the house, go for the pension.
Retirement plans often go by the wayside when your marital status changes.
Divorce or having a spouse die young saps income and assets, making it much harder to continue saving the same way you did as a married couple.
A recent survey by ING found that the average divorced person had $10,000 less in retirement savings than the average married person, even though the divorced respondents were typically five years older.
Women often find themselves especially pressed: Household income drops 41% for women after a divorce and 37% in widowhood, compared with under 25% in both cases for men, according to a report by the Government Accountability Office.
Although family changes put a lot of immediate worries on your plate, it’s crucial to keep one eye on your long-term plan.