Women often face unique money issues after divorce

On Behalf of | Jul 17, 2018 | Divorce | 0 comments

Women in Tennessee who are going through the divorce process may be unpleasantly surprised by some of the financial revelations that take place. In one recent survey, 46 percent of divorced women reported that their separations resulted in financial surprises.

In an effort to gain a better understanding of how divorce can impact finances, the survey queried 1,785 women about their roles in handling financial issues while they were married. All of the participants were either considering divorce, in the process of separating or already divorced. Some of the women responded that financial matters were managed solely by their husbands, including the earning of income and the management of the couple’s investments and bills.

According to the results of the survey, the younger women were more apt to allow their spouses to have complete control over all financial matters. While 18 percent of the older women reported that they allowed their husbands to have complete autonomy over all financial matters, 23 percent of the women aged between 18 and 54 years old admitted the same.

After the finalization of a divorce, most women will have to be responsible for all household duties, including those related to financial matters. This means they might have to earn an income, pay the household bills and invest and save for the future. Women who share financial responsibilities while married are more likely to continue the same financial habits in their post-divorce lives.

A divorce attorney can work to obtain positive settlement terms for a client. If necessary, litigation could be used to protect a client’s interests regarding alimony, child support and the division of marital assets. Depending on the circumstances of the divorce, the attorney might use negotiation to resolve disputes regarding financial assets.