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Savings concerns and divorce

Savings-related regrets are among the most common regrets people have, a recent survey indicates.

In the survey, 3,000 adults were asked about what regrets they had. Over half of the survey respondents (52 percent) said they regretted not having saved more money. No regret was cited by more survey respondents than this one.

Given that lacking enough savings can be a major source of regret, anxiety and financial uncertainty, building and protecting one’s savings can be an important financial goal.

Now, there are certain events that can have the potential to put a person’s savings situation, and their ability to achieve their savings goals, in quite a bit of upheaval. One of these is a divorce, as how financial matters like property division and spousal support end up going in a divorce can significantly affect what a person’s savings levels are coming out of the divorce.

It is important to know that there are many different stages in which a person could take steps to try to lower the likelihood of a divorce derailing their savings situation, including:

  • Before they get married: Prior to a marriage, a person could reach a prenuptial agreement with their partner aimed at protecting their assets, such as their savings, if a divorce were to occur.
  • During the marriage: Before a marriage is not the only time partners can reach agreements regarding what will happen with assets, such as savings, if a divorce were to happen. There is a class of such agreements partners can form during a marriage. Such agreements are called postnuptial agreements.
  • During the divorce: The actions a person takes during a divorce can have impacts on many different financial goals they may have, including goals regarding savings. Protecting one’s savings is among the goals a person could direct their approach in divorce financial matters (like property division) towards.

When it comes to trying to further the goal of protecting one’s savings through a prenuptial agreement, through a postnuptial agreement or through one’s approach in financial matters in a divorce, a person may want a skilled family law attorney’s help with the efforts, as mistakes made in these efforts could endanger a person's ability to achieve their savings protection goals.

Source: Fairbanks Daily News-Miner, “Ways to start saving now to reduce regret later in life,” Roxie Rodgers Dinstel, July 25, 2016

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