There’s no question that divorce is a financial hurdle for everyone, but a recent study shows that women usually take a greater financial hit. The results of the study showed that on average men’s household incomes drop about 20% after divorce, but women’s household incomes dramatically fall by 41%. This is a significant financial reduction and highlights how divorce can create long-term financial deficits for women.
If you are a woman dealing with divorce, it is important that you work with an attorney committed to your case who can get you the best settlement possible. There are also some things you can do on your own to protect your financial future.
- Start managing your money. If you were not the spouse in charge of household finances, you need to learn how to do so. Organize the information about all of your bank accounts, investments, bills, and financial responsibilities. Create a budget that you can live with. Become a savvy money manager.
- Ask for alimony. Talk with your attorney about the spousal maintenance (alimony) you may be entitled to. Some women are eligible for alimony yet are hesitant to request it. Remember that spousal maintenance is meant to ensure that everyone walks away from the marriage in a financially stable situation, so be certain to consider it.
- Track payments. If your ex is ordered to pay child support or spousal maintenance, keep careful records of what you receive. If he doesn’t pay, get in touch with your attorney. If your ex is required to pay for educational, medical, or other expenses for your child, keep all receipts and track all payments. These expenses add up and can be a significant drain on your household finances if they are not reimbursed.
- Plan for your retirement now. Now that you will be single, you need to rethink your retirement plan. Discuss the division of marital retirement assets with your attorney and get the facts about Social Security retirement. A financial planner can help you save what you need to retire.
The Sampair Group represents men and women in divorce cases in Phoenix, Mesa, and Glendale. Make an appointment today to discuss how we can help you.