Millennials are reshaping communications, politics, arts, the way we shop, stay fit, raise children and much more. They are also reshaping divorce by waiting longer to get married, and by living together before taking wedding vows, experts say. The combination of the two, among other factors, is helping drive the divorce rate for first marriages lower.
While the divorce rate for new marriages has dropped, some observers say millennials are not paying as much attention to the financial details of divorce as they could and should.
A recent newspaper article on divorce quotes a financial analyst who says that millennials have fewer fears and regrets when divorcing than many older people do. She says that’s partly because millennials understand that they have years ahead of them in which “to recover financially and possibly build a much better life with someone else.”
The analyst works with family law attorneys to help clients navigate the legal, financial and emotional traps that can be part of the divorce process. She adds that though millennials have fewer regrets about divorce, some of them might one day rue decisions they make as they split from a spouse.
“They have 30 to 40 years until retirement and say they don’t care about the IRA or the 401k and will instead take the house,” she says. “That’s a big mistake.”
She said it’s important for people to avoid short-sighted financial decisions and value retirement assets that will grow with time.
She adds that while there’s more time for young people to recover financially from divorce, there is no way to “replace the true value and benefits of early retirement savings.”
Here in Butler County, you can speak with an attorney experienced in fighting for full, fair value in property division agreements. You can contact the Hamilton Law Office of Kristen L. Campbell, LLC for more information.