Downsizing is generally treated as a negative word in American popular culture. It is associated with job loss, property loss and general loss of wealth. However, in the context of divorce, downsizing can be a positive experience. Many individuals find that they cannot maintain their married lifestyle in the wake of divorce. Others find that they simply want to pursue a different lifestyle. In either case, downsizing can be a liberating experience.
In general, downsizing may consist of moving to a smaller residence, eliminating material goods one no longer needs, wants or can afford and taking a lower-paying job in order to either gain more time with one’s children or more time to pursue one’s passions. Although it can be difficult to wrap one’s head around the concept of downsizing, the actual act of doing so can be life-changing.
If you are thinking about downsizing, do not hesitate to ask your attorney how your goals may be best supported by your divorce settlement. If you want to downsize, it may not make sense for you to keep the marital home, for example. Instead, you may benefit more greatly from taking a large share of your retirement savings and your vacation property.
Your unique needs and desires can be supported by your divorce process, no matter what the details of your situation are. Please consider speaking to your attorney about how your goals can be best supported by your process, regardless of whether or not you plan to downsize after your divorce is finalized.
Source: The Huffington Post, “Downsizing After Divorce Isn’t All Bad,” Lisa Thomson, Oct. 30, 2014