Divorce Can Be Difficult to Deal with Financially

Americans are not the only ones dealing with divorce woes these days. According to a recent study released in Canada, the financial impacts of divorce can be nearly as severe as the emotional impacts.

The study showed that of the 100,000 couples that divorce each year, less than 20 percent are actually aware of the financial impacts. The group that is most affected financially by divorce are women between the ages of 67 to 80. These individuals experienced a median decline of 37 percent in personal income.

When discussing finances during a divorce, the same basic assets are disputed. In the survey, these included the matrimonial home (cited by 53%), pensions (17%), investments (13%) and personal effects (4%). Since many couples are loath to discuss financial matters, this can be one of the sorest points of a divorce settlement. In fact, many lawyers believe that money is one of the leading causes of divorce not only in Canada, but the U.S. as well.

Are you going through a tough divorce in Florida? If so, contact Ellerin Hutchinson today to get help from our team of Jacksonville family lawyers now.