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Financial instability is a reality for nearly three-quarters of this country’s 25 million divorcees. A study by TD Ameritrade surveyed 2,000 participants to examine how they’re coping financially after a divorce or death of a spouse. As it turns out, people facing the end of a marriage are struggling — 75 percent of divorced Americans feel less than secure financially, and half are worried about running out of money in retirement.
The average cost of a contested divorce — which can range from $15,000 to $30,000 — also throws many divorcees’ finances out of whack. And it doesn’t end there. Additional costs such as separate household expenses, counseling for children, and taxes or fees to sell marital assets can quickly add to the financial…Read the entire article by Toni Husbands on WiseBread.