Birmingham Divorce can Impact Financial Security in Retirement

Posted by Steven D. Eversole | May 06, 2011 | 0 Comments

Filing for divorce in Birmingham is a vulnerable time in the lives of both parties. However, the Boston Globe reports the lifetime security of women may be most at stake — even if retirement is years away.

Birmingham divorce attorneys know that a poorly conceived and executed divorce may never permit a spouse to regain the standard of living they enjoyed during their marriage — whatever their socioeconomic strata. Even economically advantaged couples can find themselves in financial trouble — few realize the true impact of twice the expenses and half the income until well after they have settled into their split lives.

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Asset and wealth protection should be a significant factor in your planning. Divorce attorneys understand the risks and can often help clients protect themselves from some of the potential long-term impacts of a divorce.

For women, the risk can come from never having been responsible for handling long-term investments. While it may sound sexist, it remains a common problem. And the truth of the matter is that women find it harder to save for a comfortable retirement; they typically earn less, live longer and have less financial-planning skills.

Single retirees are at the greatest risk of poverty. And advocates remain concerned about the millions of divorced, widowed or never-married baby boomers who are currently hitting retirement.

-Women outlive men by an average of 5 to 7 years. The Centers for Disease Control and Prevention reports that a 65-year-old woman can expect to live another 20 years.

-Women only earn 77 percent of what men make on average; and 3 of 5 women make less than $30,000 a year.

-The average woman only spends about 12 years in the workforce.

While divorce is often contemplated — sometimes silently and sometimes in the open — for months or even years before it is initiated, the reality is too few divorces begin with the proper planning. Speaking to an experienced Alabama divorce attorney — even before you speak with your spouse — is the best course of action. This is particularly true if your spouse is responsible for the vast majority of the financial planning in a relationship. Gathering the kind of documentation needed to protect your financial future is best done before the onset of potential hostile relations.

Birmingham Divorce Attorney Steven D. Eversole can be reached at 866-831-5292.

About the Author

Steven D. Eversole

J.D., Samford University's Cumberland School of Law, Birmingham, Alabama B.A., University of Alabama, Tuscaloosa, Alabama

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