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August 6, 2021

The Impact of Divorce on Women’sFinancial Wellbeing

The Impact of Divorce on Women’s Financial Wellbeing

Every family is unique, so it is difficult to generalize about how your divorce will affect you financially.  The impact of divorce on your finances will depend, in part, on whether you held paid employment during your marriage and the extent to which you and your spouse merged your finances.  

According to are port by Forbes, nearly a quarter of women who were younger than 55 when they got divorced had left the financial decision making to their husbands during their marriage; the percentage was slightly lower for women who were 55 or older when they divorced.  

These women faced many unpleasant surprises when they got divorced, including how hard it was to survive on a single income and the court awarding them less alimony or less marital property than they had hoped.  A Red Bank divorce lawyer can help you emerge from your divorce in a strong financial position.

The Good News: Defining Your Own Financial Values and Living by Them

Getting out of a bad marriage can be liberating, financially and otherwise; you are no longer responsible for resolving the insurmountable conflicts between you and your ex-spouse.  If the court orders you to sell your marital McMansion and divide the proceeds, you can spend your share on a Tiny House if that has always been your dream.  

You can even be a digital nomad if you so choose, and unless the decision involves moving your minor children out of New Jersey, your ex has no say in the matter.  Your ex-spouse can no longer begrudge you your pedicures, fancy kitchen gadgets, or anything else you spend money on.  Once you divorce, your money belongs to you.

The Bad News: Your Ex-Spouse’s Stubbornness and Financial Mistakes Can Follow You Around for Years to Come

Divorce courts divide marital assets, but they also divide marital debts.  That means that, after you divorce, the court can assign you a portion of the debt that your ex-spouse incurred during the marriage, even if the debt was for purchases you didn’t want him to make.  

You might be stuck paying part of the debt for your ex’s sports car, boat, Master of Fine Arts tuition, or any other big-ticket purchase.

Of course, the biggest post-divorce stress relates to co-parenting, both financial and non-financial aspects.  Until your kids reach adulthood, you and your spouse must agree on how much to pay for summer camp and whether to buy your teen a car.

 The Bottom Line: Hope for the Best but Prepare for the Worst

You should make your post-divorce financial plans with the assumption that you are going to get limited on going income from your ex.  Even when divorce courts award alimony, you may be required to return to the workforce if you are young and healthy enough. Meanwhile, they recognize that your fair share of marital assets are not directly proportional to the amount of money you earned during the marriage; stay-at-home moms have rights in divorce, too.

Let Us Help You Today

A divorce lawyer can help you see divorce as a new beginning and develop a plan for being financially independent.  Contact the Law Office of Judie Saunders in Red Bank, New Jersey to set up a free consultation.

 

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