The legal fees alone were roughly $200,000.
For Michelle Buonincontri, getting divorced wasn’t just an emotional blow, it was a significant financial setback.
Also see: I saved $1 million for retirement without an adviser and I’m only in my 40s — yet I spend my waking hours worrying She realizes her mistake today. “I should have had a marital agreement that said it was my property,” she said. She ultimately agreed to give up custody of her other child to her ex-husband so that she could leave New York. She also never followed up on selling the home she shared with her husband.
‘Just like you plan for death by having life insurance, you should think about your marriage the same way — what if divorce happens?’ —Michelle Buonincontri “It’s had a significant impact on my retirement planning,” she said. “When I moved I had to dip into my retirement assets to buy a home for me and my children because I didn’t have that money.”
What she could have done differently — before she got married As Buonincontri says, no one gets married thinking they’re going to get divorced. “Folks are more likely to talk about their sex life or their most recent encounter on Tinder MTCH, +2.24% than they are to talk about finances,” she said.
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