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How women can face financial challenges after divorce

| Dec 4, 2019 | divorce and family law

Women who have gone through a divorce in Virginia know that dealing with financial challenges can be overwhelming. While men can experience financial difficulties after a divorce, women are more likely to experience a decrease in income and live below the poverty line.

As a woman contemplates divorce, it would be beneficial for her to take a hard look at her financial situation. She should gather important financial documents like bank statements, property titles and tax returns. It would be beneficial to save an emergency fund, even if it is just a few dollars at a time. The money that she puts away for herself will need to be disclosed during the divorce proceedings, but it may be enough to help her start the divorce process and cover other expenses. It may also be beneficial for her to open a P.O. box to receive confidential mail.

It is essential for a woman to create a new budget after her divorce. She is likely going to need to adapt to living on just one income. In addition to paying for basic things like rent, utilities and groceries, it is also good to factor in contributions to an emergency fund and retirement savings.

Understanding how the divorce will affect a woman’s health insurance is also important. If she was under her partner’s insurance plan during the marriage, she will likely not be under it after the marriage ends. It may be helpful to work with an accountant in order to plan for and manage taxes and other expenses.

Dividing assets during a divorce can be challenging. Some assets are easily overlooked, like frequent flyer miles, club memberships, stock options and season tickets. A lawyer may help a woman with the asset division process. The lawyer may also provide other information regarding divorce and family law.