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Dealing with financial challenges in divorce, P.1

Divorce can be a financially challenging event for many couples. Not only are there the costs associated with splitting up, but also a significant change in financial resources and additional costs, at least for many couples. Often, of course, the financial struggle is worse for the spouse who gave up a career to care for children and manage the household.

According to some experts, women who end up taking custody of their children after divorce—whether they are in a lower or higher income bracket—can end up losing up to 40 percent of their income, which can leave them without critical support. Not to mention the fact that parents who end up taking primary custody can end up losing earnings, though this depends on their benefits. After divorce, also, there are additional costs because of having to maintain two households and children having to travel to spend time with both parents. For divorced persons who have been out of the workforce for some time caring for children, regaining competitiveness can be a real challenge.

Theoretically, divorce judgments are supposed to take into account the contributions of a non-bread-winning spouse to the marriage and ensure appropriate compensation, whether in the form of additional property or spousal support. Unfortunately, this just doesn’t always happen, and the financially weaker party can be left with significant money troubles after the marriage ends. Needless to say, it is critical for divorcing women to retain an experienced attorney to represent their interests in divorce. In our next post, we’ll continue this discussion, focusing on some of the ways an experienced advocate can help a disadvantaged party in divorce.

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Dealing with financial challenges in divorce, P.1 | Peter A D'Angelo, Attorney at Law, PLC