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Unexpected financial issues for divorcing women

Women in Texas who are considering getting a divorce should be aware of how the process can impact them financially. Out of 1,785 divorced women who participated in a recently released survey, 46 percent stated that their divorce had resulted in unexpected and undesired financial issues.

The women who participated in the study included women who were about to file for divorce, in the middle of the divorce process and already completely divorced. Roughly 22 percent of the women were at least 55 years of age, and most of this group was already divorced.

Some of the financial surprises women are likely to experience during divorce proceedings include high marital debt and the realization that they will have to go back into the workforce. Many women are also surprised to learn that their alimony and spousal support payments are relatively low. The extremely high costs of health care insurance also blindside lots of divorced women.

According to the results of the survey, 33 percent of the women who were at least 55 years old stated that they had experienced financial surprises. Almost half of the women who were in the younger age groups admitted to the same.

Women should obtain as much marital financial information as possible before negotiating divorce settlement terms. They should also be aware of their net worth with their spouses and be able to enumerate separate and joint expenses.

A divorce attorney may advise a client about the most appropriate legal strategy for obtaining favorable divorce settlement terms regarding financial issues. Legal counsel could engage in negotiation to resolve disputes relating to alimony, child support and the division of marital assets.

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