Divorce can have a negative impact on a couple’s financial situation in Georgia. Many times the impact on a woman is greater than it is on a man. A recent study at a noted college found that divorcing women may be better off than previously believed. The key determining factor, according to the study, is whether the woman owns a home of her own. This is something to consider when negotiating property division.
The study finds that divorced women have been historically better at accumulating assets for retirement than single, never married women. The key to this is home ownership because divorced women are more likely to own a home than women who have never married. Many women who divorce retain ownership of the family home.
There are other issues to be considered when making such a decision. Does a woman anticipate staying in the home long term? Are there financial means available to maintain the house and provide for emergencies? If there is any doubt in this regard, it may be best to right-size and sell the home and then purchase a more manageable one.
Regardless of what decision is made, owning a home gives a woman access to a significant asset that can be used in retirement. A woman considering divorce in Georgia may wish to consult with an experienced family law attorney. A knowledgeable lawyer can review a person’s financial situation and possibly assist her in making a decision regarding property division that will benefit her in the near term and for the long term.