The end of marriage comes with many changes and financial surprises. A recent study showed that women in the middle of a divorce or those who are contemplating one were hit with financial challenges that they were not prepared for. Women in Wyoming and other states admitted that they had little understanding about household finances, debts and investments.
Women often encounter various financial surprises during divorce proceedings like the amount of marital debt, which can include mortgages, credit cards and student loans. Some were shocked at the high cost of securing health insurance and about having to return to the workforce. Others underestimated the amount of support they would receive and assumed they could keep their marital home.
Surveys say they biggest fear among women of all age groups is having to live on one income after their divorce. Many who relinquish control of the household finances while married find life after divorce to be more difficult. Experts recommend that before any negotiations begin women should be aware of the net worth of the household, including all debts and assets. Those who have a clear understanding of household finances will have a better chance of maintaining the same standard of living once the divorce is final.
Divorce is never easy, but it can be manageable with knowledge about finances, investing and earning potential. Residents in Wyoming may consider a consultation with an experienced divorce attorney to explore all options available. A well-seasoned lawyer can work to negotiate the best possible settlement for his or her client.