Financial Impact of Divorce on Women

Divorce is a tough process, even in the friendliest of circumstances. Unfortunately, the financial risk to women is often greater than the risk to men. Whether you’re a woman considering divorce or you’d like to learn about ways to mitigate financial damage, read on: this article can help you prepare for potential issues.

• • Earning potential: Women are paid 83 cents to the dollar, compared to men. This financial disparity gets worse if they take time off to have and raise children. Women may lose their financial independence and have trouble finding a job after they’re ready to reenter the workforce. If you’re a woman planning on divorce, it’s crucial you take steps to secure a better financial and credit situation.

• • Marital debt: Both spouses are responsible for any marital debt accrued, including mortgages, lines of credit, credit card debt, student loans and more. If you are a co-signer on those loans, you may still end up responsible if your ex fails to pay.

• • Loss of healthcare insurance: Many women, especially stay-at-home moms, depend on their spouses for healthcare insurance. If you’re going to receive spousal support from your ex, make sure that it’s enough to pay for insurance and other financial issues while you get back on your feet. The average woman lacks insurance for two years after her divorce.

• • Child and spousal support: Women tend to take custody and be a primary caretaker after a divorce, for various reasons. Unfortunately, only 43.5 percent actually receive their spousal and child support payments in full after a divorce.

• • Cost of divorce: Finally, the cost of divorce itself, including filing, lawyer and/or mediators’ fees, can be financially devastating if you’re already on shaky ground. It can also take over a year to finalize the divorce, which adds to the expense.

If you’re planning to divorce, keep these factors in mind as you reach a reasonable settlement. To learn more about divorce mediation, call the knowledgeable Long Island divorce mediators at Solutions Divorce Mediation today.