ABSTRACT
In “Life Story” a middle-aged lady reflects on some of the big things that have helped define her life. Many moments are sad while some are uplifting. Fortunately for us, many provide economic lessons. The song starts with a discussion of her “sensible divorce.” While it might have been sensible, divorces are costly and also have an economic impact. There is the financial cost of lawyers, which can be expensive. When a couple gets a divorce, assets are often split. But that sometimes means that large assets must be sold quickly and therefore below market prices, so the divorced couple is not only losing out on the lawyer fees but is also getting less money for their assets. 1
