How women can face financial challenges after a divorce

On Behalf of | Dec 3, 2019 | Divorce |

Women in Ohio and across the country often experience stress that comes from finances after a divorce. While men definitely face challenges after a divorce, it is more likely that women will experience serious financial problems. Reports have shown that a woman’s income is likely to decrease and that women are more likely to live below the poverty line than men after a divorce. Additionally, women are more likely to be awarded child custody than men.

There are practical steps that women can take in order to deal with the challenges that are related to finances after a divorce. In the time that a woman is contemplating divorce, she needs to get a realistic idea of where her finances sit. She should have access to and be familiar with bank accounts, property titles, retirement savings and other assets. She should also educate herself on taxes and insurance in order to see how she will be affected after a divorce. Some women have also found that putting away some money to be used for the divorce is helpful, even though this will need to be disclosed during the divorce proceedings.

After the divorce, women will need to create a new budget. Getting used to living on one income as opposed to two can have its challenges. However, the sooner a woman can adjust to her new financial circumstances and stick to a budget, the better.

It can be a challenge to divide assets during the divorce process. A lawyer may be able to help a woman as she files for divorce and lists all of the assets that belong to the couple. The lawyer may be able to provide assistance by remembering assets that are often overlooked, like season tickets, frequent flyer miles and prepaid insurance. The lawyer may also be able to answer questions about child custody, spousal support and how prenuptial agreements will affect the divorce.