Financial preparation before and during divorce benefits women

| Dec 9, 2020 | Divorce |

Divorce can be difficult for anyone, in any circumstance. In the past, it often impacted wives more than husbands, at least when considering financial aspects. This is because, while times are changing, women still tend to earn less money than men and are more likely to leave the workforce to raise children.

All of this is to say that many women may feel unprepared for divorce from a financial standpoint. One study suggests that a significant number of divorced women experienced financial hardship they hadn’t predicted. Fortunately, experts say that knowledge is power and that, if you’re an Illinois woman considering divorce, you can protect yourself by knowing what financial problems may arise during divorce and how to handle them.

Changes in expenses and income post-divorce

One of the biggest pitfalls happens when a woman doesn’t have a full understanding of what her income and expenses will look like after divorce. Some may count on collecting significant alimony or child support payments, but if that doesn’t happen, she may have to make up for the shortfall. This could mean joining or returning to the workforce, which many women feel ill-prepared to do. However, you may need a job if you were previously using your spouse’s health insurance, which may be another unexpected cost.

Not knowing the full picture of family finances

Women may be uninvolved in family finances, especially if they are not the primary breadwinner. The divorce process may open their eyes to the amount of existing marital debt, often split in a similar manner to marital assets. You may assume you’ll receive the family home, but there is no guarantee of that, especially if significant debt is part of the picture. Add in any costs related to the divorce itself, and you may feel overwhelmed by the financial facets of divorce.

It may be a good idea to work with a financial advisor if you’re concerned about how your divorce may change your finances. This type of professional can help you see areas you may have overlooked, some of which may help your overall situation. There are ways for you to get through this and maintain your finances.

Getting qualified legal help can make a positive difference

None of this should discourage you from getting a divorce if you feel it is the right decision. The benefits to your life may significantly outweigh any drawbacks. You can start yourself on that path by consulting a family law attorney who will help you see all the possibilities for your future.