Women, divorce and finances

Women in Illinois who get a divorce are likely to experience unexpected and unpleasant financial issues. In one survey that was conducted, 46 percent of women who had gone through a divorce stated that the process had resulted in financial surprises.

Some of the common financial issues divorcing and divorced women are likely to experience include not having full knowledge of the totality of the marital debt, not expecting to have to become a part of the workforce again and thinking that the alimony or child support they receive will last longer or be more. Many women also mistakenly believe that they will be able to retain ownership of the family home, are unaware that health care insurance is costly and misjudge how much it will cost to get a divorce.

Before participating in any divorce settlement negotiations, women should have a complete picture of their net worth with their spouse. They should also be aware of how many joint and separate expenses there are and their amount. Women who do not have a full picture of financial matters during their marriage may find that their post-divorce life will be more difficult than it should be.

The women who participated in the survey were asked about their roles in financial matters while they were married. In some cases, women handed over all of the financial responsibilities, such as earning income and handling bills and investments, to their husbands. The results of the survey indicated that younger women were more likely than older women were to relinquish financial control to their husbands.

A family law attorney may assist clients with obtaining favorable divorce settlement terms regarding divorce legal issues. Litigation may be used to protect clients’ rights during disputes regarding the division of financial assets, such as retirement accounts and investments.