A recent study conducted by the Center for Retirement Research seems to suggest that divorced women are more likely to be homeowners. This appears to run counter to previous research that indicated that women did not enjoy financial security after a dissolution. Regardless of whether a Florida resident later becomes a homeowner, a high asset divorce requires careful planning and consideration in order for either party to realize financial stability.
The recent report infers that divorced women enjoy the advantages of home ownership because they sought to retain their family home during their settlement negotiations. Many professionals discourage this decision, as many women experience a drop in income after their divorces, which may make the upkeep of a home a financial hardship. In addition, the report suggests that single women are less likely to achieve the dream of owning their own home, regardless of the fact that they have historically enjoyed higher incomes. It is possible that divorced women may emerge in a better financial position after their settlement, which enables them to later purchase a property.
Individuals who do own a home may be able to better prepare for retirement since they own an appreciable asset. Those who do not own a home may be more inclined to dip into retirement savings in order to finance education or meet other expenses. Property owners may be less inclined to raid their savings since they likely will be able to access the equity in their home at a later date.
In today’s economy, either party may struggle financially in the aftermath of a divorce. Florida residents who are considering filing for a high asset divorce understandably have many financial concerns. In order to ensure that one is able to meet one’s future expectations regarding post-divorce life and eventual retirement, it may be prudent to consult with a professional who can guide them through their settlement negotiations to secure the best financial outcome possible.
