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The financial surprises of a divorce

On Behalf of | Jul 17, 2018 | Divorce

Women in Arizona who are thinking about getting a divorce should be prepared for how the process can impact many aspects of their lives. They should be particularly aware of the unexpected financial issues that are likely to crop up.

Out of 1,785 women who took part in a recent survey regarding divorce, 46 percent stated that their divorce experience resulted in financial surprises. The women who participated in the survey included women who were on the verge of getting a divorce, in the middle of their divorce process or already divorced. Women who were at least 55 years old made up 22 percent of the respondents; most of these women had already completed their divorces.

Many women are likely to have limited knowledge of all the marital debts they share with their spouses. It is also during the divorce process that women discover that they may not be able to retain ownership of the marital home and that the alimony or child support they receive will not be as much or last as long as they thought. Additional unexpected financial issues that women may be unaware of include the extremely high costs of getting a divorce and obtaining health care insurance.

In the survey, 38 percent of the women who were at least 55 years old stated that they had experienced financial surprises during the divorce process. For the younger women, almost half of them reported enduring the same type of surprises.

A family law attorney may advocate on behalf of clients who are going through a divorce. Legal counsel could litigate to protect the rights of clients during the resolution of divorce legal issues, such as the division of assets, spousal support and child support.