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View Poll Results: What Effect Does Divorce have on Net Worth?
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Reached at least $1M Net Worth by Age 55, No Divorce
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58 |
62.37% |
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Reached at least $1M Net Worth After Age 55, No Divorce
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3 |
3.23% |
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Reached at least $1M Net Worth by Age 55, 1 Divorce
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17 |
18.28% |
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Reached at least $1M Net Worth by Age 55, 2 or more Divorces
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1 |
1.08% |
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Reached at least $1M Net Worth After Age 55, 1 Divorce
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1 |
1.08% |
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Reached at least $1M Net Worth After Age 55, 2 or More Divorces
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2 |
2.15% |
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Didn't Reach $1M Net Worth, but Retired Early, No Divorces
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6 |
6.45% |
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Didn't Reach $1M Net Worth, but Retired Early, 1 Divorce
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3 |
3.23% |
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Didn't Reach $1M Net Worth, but Retired Early, 2 or More Divorces
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2 |
2.15% |
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Divorce, Net Worth and Early Retirement
10-09-2006, 08:02 AM
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#1
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Dryer sheet aficionado
Join Date: Nov 2005
Posts: 38
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Having been divorced twice myself, I am curious what effect divorce has on reaching what appears to be approximately the median net worth of the members of this discussion group. I reached $1M, but two divorces probably added about 10 years to the journey. I'm curious what effect others have experienced.
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 08:09 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 3,113
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My divorce wiped out all my savings and I restarted from 0. Fortunately it occurred very early in my adult life, so I had plenty of time to recover.
Audrey
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 08:54 AM
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#3
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Moderator Emeritus
Join Date: Feb 2004
Location: Oahu
Posts: 17,531
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Everything I've heard & read tells me that divorce is one of the nastiest financial catastrophes ever experienced.
My spouse tells me that too.
__________________
*
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For more info see "About Me" in my profile.
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 09:18 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Sep 2005
Posts: 1,677
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I have a friend that is not happy at home, for the past three years he's been talking about leaving. I sat down with him one day and showed him just how much it was going to cost him if he left, he decided it's not so bad at home and he's going to stay. He also agreed to marriage counseling.
__________________
Dogs aren't our whole lives, but they make our lives whole. - Roger Caras
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 09:34 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,457
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staying married for the wrong reason ... recipe for disaster?
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 09:38 AM
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#6
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Moderator Emeritus
Join Date: Feb 2004
Location: Oahu
Posts: 17,531
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 Quote:
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Originally Posted by Outtahere
I have a friend that is not happy at home, for the past three years he's been talking about leaving. I sat down with him one day and showed him just how much it was going to cost him if he left, he decided it's not so bad at home and he's going to stay. He also agreed to marriage counseling.
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Diane Medved-- "The Case Against Divorce". Compelling.
__________________
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For more info see "About Me" in my profile.
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 09:44 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Sep 2005
Posts: 1,677
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Any one else I would say it would be a recipe for disaster but not with him and his wife, strange couple, they will make it work.
__________________
Dogs aren't our whole lives, but they make our lives whole. - Roger Caras
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 09:47 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 1,143
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Another category just for me. Widowed with no big insurance settlement but reached 1M before 50. Had my husband lived we would have just spent it! God rest his funloving soul.
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 09:56 AM
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#9
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Full time employment: Posting here.
Join Date: Nov 2003
Posts: 927
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Good poll. I'm hanging out there all by myself, as usual. 
JG
__________________
Some of us have pretty stories, about good friends, good times and noodle salad.
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 09:56 AM
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#10
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 3,113
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Quote:
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Originally Posted by d
staying married for the wrong reason ... recipe for disaster?
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Sometimes when people aren't happy at home, the problem is NOT the spouse. Counseling is a good idea. Maybe the person can figure out what is REALLY bothering him (or confirm that it is indeed the marriage).
Audrey
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 10:01 AM
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#11
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Full time employment: Posting here.
Join Date: Nov 2003
Posts: 927
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Quote:
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Originally Posted by audreyh1
Sometimes when people aren't happy at home, the problem is NOT the spouse. Counseling is a good idea. Maybe the person can figure out what is REALLY bothering him (or confirm that it is indeed the marriage).
Audrey
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Audrey, I agree with you. In my case it was the spouse (s).
My mother has opined that maybe I'm just not husband material.
Could be.
JG
__________________
Some of us have pretty stories, about good friends, good times and noodle salad.
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 10:07 AM
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#12
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Moderator Emeritus
Join Date: Aug 2005
Posts: 1,375
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Cost of divorce...$xx,000
Not being miserable every day...$priceless
__________________
You can't always get what you want, but if you try sometimes, you might find you get what you need.
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 10:10 AM
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#13
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Location: DFW
Posts: 6,334
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Divorce #1 was cheaper than staying married; #2 was mostly a financial non-event...
__________________
Have Funds, Will Retire
"...but do feel free to assert your duly noted opinion on this subject again without benefit of reference or provision of additional information..."
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 10:46 AM
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#14
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Recycles dryer sheets
Join Date: Apr 2006
Posts: 190
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Wanna see a divorce settlement? Here's one. Just look past all the political stuff at purely what happened to Dr. Lewinsky:
http://tinyurl.com/lzc66
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 10:48 AM
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#15
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Moderator Emeritus
Join Date: Aug 2006
Location: Greater Dayton area
Posts: 4,744
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Quote:
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Originally Posted by GMueller
Having been divorced twice myself, I am curious what effect divorce has on reaching what appears to be approximately the median net worth of the members of this discussion group. I reached $1M, but two divorces probably added about 10 years to the journey. I'm curious what effect others have experienced.
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Marriage and divorce is best done early to get it out of your system and have time to recover financially.
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 10:55 AM
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#16
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Thinks s/he gets paid by the post
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 1,637
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Quote:
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Originally Posted by rodmail
Wanna see a divorce settlement? Here's one. Just look past all the political stuff at purely what happened to Dr. Lewinsky:
http://tinyurl.com/lzc66 |
Living with someone you no longer like just for the money: recipe for an early death!
__________________
For the fun of it...Keith
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 02:41 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Oct 2005
Posts: 1,504
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Quote:
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Originally Posted by audreyh1
Sometimes when people aren't happy at home, the problem is NOT the spouse. Counseling is a good idea. Maybe the person can figure out what is REALLY bothering him (or confirm that it is indeed the marriage).
Audrey
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That is a very wise observation. Most of our unhappiness in life results from our dislike of aspects of self, then we project it onto others. We think that divorce will solve this unhappiness. (If only I leave spouse and marry so and so my life will be wonderful). It's usually a surprise that the same issues arise with a new spouse. All this is my opinion based on observations of self and others. IMHO the misery of divorce, the physical, emotional, and psychological damage is not worth the supposed payoffs.
I wonder what is the opportunity cost of divorce not only in financial terms but emotionally and psychologically for the divorced couple and for their children and their extended family, not to mention society in general?
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 03:00 PM
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#18
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Full time employment: Posting here.
Join Date: Nov 2003
Posts: 927
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Quote:
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Originally Posted by Oldbabe
That is a very wise observation. Most of our unhappiness in life results from our dislike of aspects of self, then we project it onto others. We think that divorce will solve this unhappiness. (If only I leave spouse and marry so and so my life will be wonderful). It's usually a surprise that the same issues arise with a new spouse. All this is my opinion based on observations of self and others. IMHO the misery of divorce, the physical, emotional, and psychological damage is not worth the supposed payoffs.
I wonder what is the opportunity cost of divorce not only in financial terms but emotionally and psychologically for the divorced couple and for their children and their extended family, not to mention society in general?
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I agree about the "wise observation" and that the "cost of divorce"
(all phases/measurements) is incalcuable. That said, sometimes it is
the only logical solution. You only get one life, and spending it being
miserable just so you can say you never divorced doesn't make a whole lot of sense. In my own case, even with hindsight I view both divorces as
absolutely necessary.
JG
__________________
Some of us have pretty stories, about good friends, good times and noodle salad.
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 03:19 PM
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#19
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Dryer sheet aficionado
Join Date: Oct 2006
Posts: 44
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It looks like I am hanging out there all by myself with 2 divorces. Actually, one was my current husbands and one was my own. Not 2 for me! My husbands was much more costly than mine. He earned much more and had two kids at home at the time of the split. He split all the accounts with his ex and assumed the bills. I was divorced at a younger age and didn't have much to loose, except a horrible married life!
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Re: Divorce, Net Worth and Early Retirement
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10-09-2006, 03:24 PM
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#20
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 3,113
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Well, some folks may think of divorce because they are "not happy in the marriage". These folks may get a rude awakening when they get divorced and then find out that they are still unhappy, and it was themselves, not the marriage that was the problem.
BUT, if someone has a spouse who is not participating in the marriage or unfaithful or abusive, etc., then that's a whole 'nother matter and spending the rest of your time tied to someone who treats you like crap is not worth it, no matter how dire the economic consequences.
My case was case B. Good riddance and thank god it happened when I was young (and no kids) and had plenty of time to start over, both financially and in terms of relationships.
Audrey
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