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Financial surprises for women during divorce

Women in Michigan should be prepared to face some unsettling financial revelations if they file for divorce. A survey of 1,785 participants showed that 46 percent of the divorced women encountered financial surprises during their divorce.

Divorced and divorcing women are likely to be surprised by the total amount of their marital debts and that fact that they may have to reenter the workforce. Women also discover during the divorce process that the alimony or child support they receive may not be as much or last as long as they thought it would. The extremely high costs of getting a divorce and obtaining adequate health care insurance are other unwelcome financial updates that women are likely to experience.

In order to gain a better understanding of how women’s finances are impacted by divorce, the survey participants were asked about the financial roles they fulfilled while they were married. Some of the women reported that they allowed their husbands to have complete autonomy over all financial matters, including the earning of income and handling the couple’s bills and investments. Almost 23 percent of the women between the ages of 18 and 54 reported abdicating all financial responsibilities to their husband. In comparison, 18 percent of women who were at least 55 years old admitted doing the same.

Women of all age groups reported that living on just one income was their most significant financial fear related to their divorce. The second most significant worry was the cost of getting a divorce.

A family law attorney may advocate on behalf of clients who are embroiled in divorce disputes. The attorney may litigate to protect the rights of clients regarding child support payments amounts, the amounts and duration of spousal support and the division of marital assets, such as financial accounts and real estate.