Women and their finances after a divorce | Marvin Law Office, L.L.C.
On behalf of Marvin Law Office, L.L.C. posted in Divorce on Friday, August 18, 2017.
After a divorce, women in Minnesota can find themselves in unexpected financial circumstances. Even though more women tend to remain a part of the workforce and stay invested in their careers, the aftermath of a divorce tends to be more difficult for women than men.
A report released in 2012 by the United States Government Accountability Office states that the household income for women dropped an average of 41 percent after a divorce. This is almost twice the rate of income loss men will experience after a divorce.
One reason why divorce is so hard on women financially is that they generally earn less income than men. According to the Bureau of Labor Statistics, data for average weekly incomes show that women take home just 82 cents for each dollar men earn. The gap in the income can be significantly more if elements such as occupation and race are factored in.
In order for women to improve their post-divorce finances, they should closely assess their income, assets and expenses. They will also have to reevaluate financial objectives and plans, which will most likely be different from what they had before their divorce.
Transitioning from living in a two-income household to existing on a single income can be quite an adjustment. For women whose husbands were the main or only income provider, they may have to make changes in their career accordingly. Child support and alimony should not be relied upon as lifelong income sources. Women can plan for when those payments end by taking steps to advance in the workforce.
A family law attorney can assist clients with resolving disputes regarding divorce, as well as legal issues like alimony, child support, child custody, property division and more. The attorney may advocate for a client's rights and interests during litigation and negotiation procedures.