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Money troubles for women after divorce

Divorce can put a strain on finances for any Texas couple, but women could have a tougher time when ending a marriage. Women typically make less than men, and going through a divorce can hurt a woman's income even more. A 2012 report from the U.S. Government Accountability Office found a 41 percent drop on average for a woman's household income after divorce.

In addition to the wage gap, caregiving demands often impact a woman's earning potential. Women are typically expected to care for children and elderly parents, and this results in less time at a job and lower Social Security benefits. Regardless of income, many women have trouble with finances after the end of their marriage because they are not used to managing their money. If a husband takes care of the finances during a marriage, a woman might have little experience with money management. The simple fix is for women going through a divorce to start learning about their finances and financial planning.

A good starting point is for women to assess their financial situation. This will take into account earnings, assets, expenses, debts and future plans. If a woman earns less than her former husband, the time after a divorce is perfect for career planning. Alimony and child support are not permanent, but a woman can start advancing her career while these benefits exist.

In addition to alimony and child support, one way to bridge the short-term financial gap might be during the property division stage of the process. An attorney might try to negotiate an agreement that brings the client income-producing assets.

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Kubinski & Nichols, P.C.
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El Paso, TX 79935

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