On behalf of Stange Law Firm, PC posted in Divorce on Tuesday, December 3, 2019.
When women in Missouri go through a divorce, they are likely to face challenges that are different than the ones faced by men. Concerns about money, children and where to live are usually ranked the highest on the list pertaining to women’s priorities after a divorce.
It’s no wonder that women are often concerned about money after a divorce when looking at the statistics. After men divorce, it is common for them to experience a 30% increase in income. However, women who worked before marriage, during marriage or after a divorce are likely to experience a 20% decrease in income. It is also more likely for divorced women to experience poverty than divorced men.
Many women have found it helpful to prepare themselves financially as they are contemplating a divorce. This could include gathering important papers like tax returns, bank statements, retirement account balances, titles for properties and credit card statements. They may want to save money that will help them start the divorce process. Improving their credit score could also be beneficial.
After the divorce, they will need to create a budget and start adapting to life on one income instead of two. They will need to look at health insurance options that are available to them, especially since they may no longer be under their ex-partner’s plan. Some women have benefited from working with an accountant to manage their taxes.
Dividing assets can be challenging. In addition to obvious assets, like bank accounts and properties, there are also assets that are often overlooked, like frequent flyer miles, prepaid insurance and stock options. Since each divorce is unique, a person may benefit from discussing their situation with an attorney. An attorney may be able to help a woman who has questions about how a divorce could impact her in a financial sense. The attorney may also provide practical assistance during the divorce process, like filing the appropriate paperwork.