Divorcing women and finances

On Behalf of | Jul 16, 2018 | Divorce, Firm News |

Women in Northern Kentucky should be prepared for the negative financial impact a divorce can have on their lives. Out of 1,785 women who took part in a survey, 46 percent stated that the process resulted in surprising financial issues.

The women who participated in the survey included those for whom divorce was imminent, women in the middle of a divorce and women who were already divorced. About 22 percent of the women surveyed were at least 55 years old; the majority of these women were already divorced.

Divorced and divorcing women are likely to endure certain unpleasant financial surprises during their divorce proceedings. Many women may be surprised by the total amount of their marital debt and the fact that they may have to go back into the workforce. The low amount and duration of spousal support and alimony, the excessively high costs of health care insurance and the costs for getting a divorce are also common surprises.

The participants of the survey were asked if they had unexpected financial issues during their divorce. Thirty-eight percent of the women who were at least 55 years of age and almost 50 percent of the women who belong to the younger age brackets stated that they had experienced financial surprises.

Women should be fully aware of their combined net worth with their spouses and be able to list all separate and joint expenses before engaging in divorce settlement negotiations. Women who are unfamiliar with their marital finances will experience a post-divorce life that is more difficult than it should be.

A divorce attorney may be able to assist clients with resolving disputes regarding a wide range of divorce issues, including those regarding spousal support, child support orders and the division of property. The attorney may work to ensure that marital assets are divided equitably.