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Can family law decisions affect retirement?

Even when divorce is the best possible decision, it can still be a financially straining process. For women who are nearing retirement, the impact may be even substantial. This does not mean that a decent retirement is out of reach, though. By making smart family law decisions, women can help protect their futures. 

In general, Georgia men tend to be more financially secure soon after they end their marriages. This is based off of a 2008 study that looked at how men's and women's incomes changed post-divorce. Researchers found that while women took a hit of about one fifth to their incomes, men enjoyed a one third increase. With a lower income, how are women to more readily prepare themselves for retirement? 

According to experts, by purchasing a home. Divorced women who own a home -- not necessarily the one they shared with their ex -- are generally better prepared for divorce than their peers who never walked down the aisle. This is partially due to divorced women having a share of marital assets plus their own resources, while never-married women rely solely on their own finances. This makes it easier to do things like buy a home. 

Keeping the marital home is tempting for many women in Georgia, especially when there is significant emotional attachment. However, family law is best handled when emotions are not at play. While it might seem like a good idea to keep a house, doing so comes with the mortgage, upkeep costs, property taxes and more. Considering these financial implications can help couples reach the best possible agreement regarding property division, and may also pave a more secure path to retirement. 

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