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How divorce may bring unpleasant financial surprises

On Behalf of | Jul 25, 2018 | Family Law

Virginia women who are getting a divorce may be in for some financial surprises. According to a survey conducted by the online marketplace Worthy, many divorced women said this was true for them. They are often surprised by the cost of divorce or by learning that they will have to return to work.

Another surprise is that child support and alimony may not be as long-lasting as anticipated. Some women are unaware of the total debt in their marital finances including mortgages, credit card debt, student loans and more. They may also be unaware of the high cost of health insurance and may mistakenly think they will be able to hang onto the family home.

One reason many women face these types of surprises is that they have been less involved in managing the family finances than their former husbands. The survey found that nearly one-quarter of women ages 18 to 54 had left most financial decision-making in their husband’s hands while around 18 percent of women older than 54 had done so. Younger women were also more likely than women 55 and older to report these financial surprises. Many women who were getting a divorce also expressed concerns about the cost of divorce and having only one income to live on.

Both men and women may be concerned about how divorce will affect their finances and what property they may have to give up in a divorce. People who are considering divorce might want to talk to an attorney about their financial situation and what might happen in the divorce including whether they might pay or receive alimony and child support. Prenuptial agreements may make property division less difficult. However, even without a prenup in place, a couple may be able to use mediation in order to reach a settlement.