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Divorce is a good time to reconsider financial goals

Missouri couples going through divorce may use the separation process as an opportunity to reconsider financial goals and, if necessary, set new ones. While divorce is an emotionally-charged process, it is important not to forget that it will change all aspects of life, including financial stability.

Divorce can affect readiness to retire

People in Missouri who choose to divorce could face economic effects that linger over the years, even long after the divorce was finalized. While many people who plan to divorce are well aware that the end of a marriage can be accompanied by difficult financial, emotional and practical changes, one study has pointed out that divorce can impact retirement readiness. In a study by the Center for Retirement Research at Boston College, researchers found that individuals who had been through a divorce were 7 percent more likely to face a risk of financial crisis upon retirement.

Divorce over 50 continues to rise

Divorce rates continue to rise for one group of people in Missouri and across the United States: the baby boomer generation, now comprised of people over age 50. The term "gray divorce" has been coined to describe these separations. Divorces have more than doubled for Americans over 50 since the mid-1990s at the same time that the divorce rate for the general population has stabilized or even declined. There are a number of factors that can contribute to this trend. Approximately 25 percent of all divorces in the country are carried out by people over the age of 50.

Divorcing parents may need university expenses plan

Many Missouri parents dread the thought of paying for college expenses. This is understandable considering that higher education is becoming more expensive every year; the College Board estimates that the cost of tuition and fees rises by an average of 3 percent annually. While these costs can be massive, college is generally a good investment in the future.

Prenups can protect wealth in the event of a divorce

When many Missouri residents get married, they expect to remain married to their spouses for the rest of their lives. However, about half of all couples eventually choose to divorce. One way that individuals who are planning their wedding day can protect themselves is to sign a prenuptial agreement.

How shifting roles in a marriage can lead to divorce

While more Missouri couples may be starting their marriages from a position of equality, plenty of couples still begin with more traditional arrangements in which the husband is the breadwinner. According to a new Swedish study, marriages in which women grow to become higher earners than their husbands are more likely to end in divorce.

Supporting children emotionally during and after divorce

Missouri parents who are considering ending their marriages often delay doing so because they worry about how their children will cope with the separation. Some exes find it helpful to keep the advice of family therapists in mind when trying to help their children through the divorce process.