Ohio residents who get a divorce may discover that the process can have a negative impact on their finances, including any assets that have been set aside for retirement. In fact, people who get a divorce are more likely to run out of retirement assets than those who have never been divorced.
This is according to the results of a study conducted by the Center for Retirement Research. The results show that the net financial wealth for households that have not gone through a divorce is nearly 30 percent more than that of similar households in which a divorce has occurred.
Divorced individuals have a 5 percent higher risk of depleting their resources for retirement. However, this does not apply to single women.
Women who have been divorced have the same degree of financial security for retirement as women who have never been married. This sets single women apart for all other groups, such as married couples and single men. Real estate has been singled out as the reason for the difference.
Women who get divorced are often given the children, whose care can be quite expensive. They are also commonly left with the family home, which is a source of home equity. Women who choose to use the equity that has accumulated in the home can significantly improve their financial standing for retirement.
A divorce attorney may work to obtain the desired settlement terms for clients who are going through a high-asset divorce. The attorney might litigate to ensure that the rights and interests of clients are protected regarding the division of assets, including pensions, 401(k) funds, real estate, offshore accounts and other assets that were accumulated during the marriage. The attorney may be able to help ensure that the other party has provided full disclosure about their financial assets.