When dividing property during divorce, your household income becomes very important. To start with, you must fully understand what assets you control in order to divide them fairly. On top of that, you need to budget for your post-divorce life, and that starts with an understanding of what your income will look like after the split.
With this in mind, here are a few key statistics about income in the state:
- The average household income clocks in at $106,014.56.
- The median household income tells a slightly different story, however, coming in at $80,336.00.
- There are 360,017 people in the state who live below the established poverty level.
- On the other side, there are over 3.08 million people who live above that level.
- The average income for those who are under 25 years old is less than $40,000 per year.
- Between 25 and 44 years old, it jumps all the way up to $90,000.
- It rises again for those between 45 years old and 64 years old, reaching nearly $100,000.
- For those over 65 years old, it declines sharply, falling all the way to just over $50,000 per year.
While everyone’s situation is unique, you can clearly see that the number of assets you control and your expected income depends largely upon your age.
No matter where you are in life, you need to take the time to really look into your financial picture as you move toward divorce. You must explore all of the legal options that you have and learn what you can do to get a fair split when your marriage officially ends.