![]() In a ‘mutual divorce’, the husband and wife file a divorce petition together after coming to a mutual conclusion and agreement that they cannot live together.There are various ways to attain financial rights while keeping in mind some of the things such as -If you are heading towards having divorce, avoid rushing to announce it to the husband. This is quite common in marriages which are victims of domestic abuse and sexual assaults. Sometimes one party files the petition to seek a divorce while the other party files a counter to oppose the allegations on the grounds of which the divorce was filed. Generally, in a ‘contested divorce’, both the husband and wife may not be in mutual agreement to get divorced. The financial rights are still unknown to many women across the world who are non-workers and have no source of income to continue their life span, which makes their financial condition difficult. After the decision, there are rights that should be taken into consideration especially the financial rights of a Women while having divorce. It also is a major step in helping you land in retirement in good shape.Whenever there is any disturbance that comes in marriage life of a couple, it brings a choice to separate through a legal procedure in form of ‘Divorce’. And that will help give you the emotional space to step into your new life with more confidence and openness. Trust me, not having to worry about maintaining your too expensive old home will be liberating. If you stand in your truth you will recognize the best step may be to sell the home and use your share of the proceeds to move to a home that is an easy fit with your new financial life. The bottom line is that giving up your rights to all or the bulk of retirement assets in exchange for keeping the house can be a dangerous move. And even then the trade offs may be too steep for you. But they are best used later in retirement after very careful consideration of the trade offs. Your home is an asset, but it is not something that produces monthly income. The other issue is that a home does not pay your bills in retirement. The worst thing you can do is stay in a home that is a financial stretch and stress. Can you easily handle the cost? Notice I said, easily. Now take a deep breath and honestly look at your monthly cash-flow. Whatever you annual costs are, add another 10% to 15% a year to cover the bigger-ticker maintenance issues that you must prepare for. Add up the mortgage, insurance, property tax, all the utilities and ongoing maintenance such as a gardener or the snow-removal in the winter. I insist that you, or a trusted financial advisor, carefully create a monthly housing cost estimate if you were to keep the house as part of the divorce settlement. And you need to understand that the decisions you make during the divorce will have a huge impact on your quality of life in retirement, which may be just a decade or so away. ![]() And while you are uprooting your personal life, retaining the familiarity and embrace of your existing home is a strong pull.īut ladies, I want you to understand that what may be emotionally appealing is not necessarily financially smart. To say nothing of the neighbors and neighborhood. Women often are laser-focused on one central financial goal: Keeping the house. While divorce impacts both parties, there is one divorce habit many older women have that I think can be dangerous to their long-term financial security. That’s a life change more older Americans are faced with Pew reports that the percentage of couples at least 50 years old divorcing has more than doubled since 1990. There are likely more assets to divide and the assets you retain will be a major part of your retirement security. The financial stakes are extra high the older you are when you divorce. Even in the most amicable of situations there are major financial decisions to work through, and staying clear-eyed amid the emotional upheaval can be challenging. ![]()
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