Divorce can be a big wealth destroyer, and a financial planner says there are four important things to know if you're considering one.
For one thing, it will be expensive: Your retirement savings will probably take a hit, and you'll probably need to downsize to afford your new lifestyle.SmartAsset's free tool can find a financial planner to help you build wealth, now and in the future »While it's possible to recover from the damage of your savings, accounts, and more being split in half, it can be hard to do.
, "Dividing my 401 and other investments in half, what remains in my bank account is far less impressive and will run out distressingly fast when I need to start drawing on it in retirement. Divorce has moved a worry-free retirement well out of reach." "Unless people are willing to downsize, it can be disastrous," Sanford says. "You're now trying to support two distinct and separate households with the same amount of money.
No matter what, divorce will likely involve one person moving. "If one party doesn't have the resources to support that, it can be detrimental," Sanford says. , the process of your divorce might be a bit clearer. "Prenups make things very easy from the financial aspect, if there is a dissolution," says Sanford.
While it's not possible to turn back time and make one, couples who have one will probably be glad they do. In Sanford's opinion, having a prenup is somewhat4. A good financial planner will be indispensable throughout the process
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