The divorce process itself can be expensive. For women, the aftermath of a divorce can be financially disastrous. While the financial impact of a divorce can rarely be completely avoided, there are ways that women can prepare for divorce and limit the negative impact a divorce has on finances. With that in mind, a Murfreesboro divorce attorney at Bennett | Michael | Hornsby discusses the financial impact of divorce on women.
The Harsh Reality of Money and Divorce
For the average couple, the costs associated with the legal process of divorce are far from insubstantial. According to a 2022 article published in Forbes magazine, the “average cost of a divorce is $15,000 per person and can increase to $100,000 for a more complicated situation, such as a custody dispute.” Simply paying for the divorce itself can significantly impact the finances of both parties. For women, however, it is the aftermath of a divorce where the biggest impact is often felt. A study published by the National Library of Medicine found that women over 50 who divorced faced a 45 percent drop in their standard of living, while a man’s standard of living dropped by 21 percent. Another study published by the Institute for Social and Economic Research found that men “rise immediately and continuously” in financial terms for years following a divorce. The data unanimously supports the conclusion that, on average, women suffer financially following a divorce.
How Can I Decrease the Financial Impact of a Divorce?
As if the emotional turmoil a divorce causes is not enough, women also typically must worry about how they will fair financially post-divorce. The good news is that there are some things you can do to decrease the negative impact a divorce has on your financial situation, including:
- Separate money in anticipation of the divorce. All marital assets are subject to division in a divorce. With that being said, do not try and hide money from your spouse; however, it is a good idea to have access to money that cannot be accessed by your spouse. If the separation is contentious, you will have immediate access to funds to pay bills and live on until a court can order temporary support if necessary.
- Establish credit. Many women simply use their husband’s credit cards or only have joint credit. If this is the case, apply for a credit card or two in your name only. Use the card responsibly to build up your own credit history in case you decide to purchase a vehicle or house after the divorce.
- Consult with an experienced divorce attorney prior to initiating the divorce process. It is in your best interest to discuss how marital debts and assets will likely be divided in the divorce with an experienced divorce attorney. Because every situation is unique, only an attorney can provide you with accurate advice on how best to protect yourself in a divorce.
- Know what you are entitled to in the divorce. Understanding what you are entitled to in a divorce is the key to putting yourself in the best financial position post-divorce. For example, you may be entitled to not just child support by spousal support as well. All too often women either don’t know what they are entitled to or decide not to fight for support because they just want the divorce to be over as quickly as possible. That emotional decision could cost you financially for years to come and is yet another reason why you should consult with an experienced divorce attorney before moving forward with a divorce.
Contact a Murfreesboro Divorce Attorney
If you have additional questions about the financial impact of a Tennessee divorce on women, consult with an experienced Murfreesboro divorce attorney as soon as possible. Contact the team at Bennett | Michael | Hornsby as soon as possible by calling 615-898-1560 to schedule your free appointment.