Divorce on FIRE: When Splitting Up Threatens Early Retirement Plans
Proponents of FIRE (an acronym for Financial Independence, Retire Early) embrace the concept of saving up a very high percentage of income in order to reach the goal of "early retirement" in their 30s or 40s.
May 26, 2022 at 10:00 AM
9 minute read
If you handle a lot of divorce cases, then sooner or later you will probably come across a client who is part of the "FIRE" movement. Proponents of FIRE (an acronym for Financial Independence, Retire Early) embrace the concept of saving up a very high percentage of income in order to reach the goal of "early retirement" in their 30s or 40s.
FIRE strategies can vary. Some couples are willing to live on only the bare essentials while bulking up their savings. Other spouses may focus on maximizing multiple streams of income. Especially for this latter group, "retirement" does not necessarily mean not working at all. It might mean focusing on building more passive sources of income, such as rental income instead of W-2 income. It might also mean pursuing a passion project which still brings in some income, just not as much as before.
In any divorce, helping parties settle their financial issues is key. In a FIRE divorce, however, it's wise to anticipate that matters related to marital assets and finances may take some added savvy to resolve.
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