FAMILY LAW FEATURE OF THE DAY FROM DeTORRES AND DeGEORGE FLEMINGTON How Divorce Affects Women Financially

Divorce is devastating for everyone – man or woman, but the evidence is clear that women experience a much greater financial impact from divorce than men. According to a government study, men’s household income falls 20% after a divorce, but women’s household income falls 41%. This is a significant difference and shows how much more problematic divorce can be for women than for men. If you’re female, it is likely divorce is going to hit you hard financially. Here’s what you can do to lessen the impact.

  • Ask for alimony.  There are some women who do not seek alimony on principle. They don’t want to feel beholden to their ex, they don’t want an ongoing connection, or they don’t want to feel as though they can’t support themselves. Many women make sacrifices in their own careers during marriage to help a spouse further his or to raise children. Alimony levels that playing field.
  • Actively manage your money. If youwere not the money manager in the marriage, it takes some adjustment to do so for yourself. Educate yourself about your investments, your taxes, and all other financial factors. Look for credit cards with better terms and banks with fewer fees.
  • Plan for retirement now. Start by talking to your attorney about how your marital retirement assets will be divided, including Social Security retirement. Meet with a financial planner and find out how much you need to retire and how you can get to that goal.
  • Hold your ex accountable. If your ex is supposed to pay your children’s medical or school expenses, keep meticulous records about this and call your attorney if he doesn’t pay. Don’t let missed child support or spousal support payments slide. Make sure you get everything you are entitled to.

The female attorneys at DeTorres & DeGeorge are ready to protect your rights. We help clients in Bedminster, New Jersey and the surrounding areas. Make an appointment by calling us at 908-284-6005 today.