 TITLE: How to Catch Up On Retirement Savings After Divorce CONTENT: The Impact of Divorce on Retirement\n-----------------------------------\nA 2018 analysis by the Center for Retirement Research at Boston College found that divorce can devastate retirement savings. The researchers explain that both wealth and earnings are typically lower for previously divorced individuals compared with those who haven't experienced divorce. Divorced households are 7 percentage points more at risk to not have enough money for retirement.\nThis is not surprising considering that the legal process of a divorce itself is expensive. In a survey by legal site NOLO, respondents who used attorneys through the entire divorce process paid $12,900 on average, and the median cost for all survey respondents was $7,500.\nAdditionally, the process of divorce causes some to give up savings, including retirement accounts. For those who live in a community property state, most assets acquired during the marriage are presumed to be joint property to be divided equally upon divorce unless there's a prenuptial agreement stating otherwise. There are exceptions for assets considered separate property, such as those acquired before the marriage or inheritance.\nIf you live in a community property state and don't have any legal documents stating otherwise, you may have to give your ex-spouse half of your retirement savings. Some who've gone through divorce then owe a portion of their income to child support, spousal support or alimony payments, which can make it harder to scrape together savings. This financial fallout can leave you behind on your retirement goals. END