It's never easy getting a divorce. Not only are there emotional implications, but finances can be really tight too. There are many financial problems that women can face during a divorce. If you are a stay at home mom, you might worry about how you will now look after kids. You might worry about finding a job. If you are a working woman, you might worry if one salary will cover your costs. Besides all of these worries, you might also stress about how your actual divorce might affect your finances. Studies have shown that it takes women 5 years after a divorce to get back on their feet again financially.
This article will discuss the financial problems that women face while going through a divorce and tips on how to cope.
- Sudden change in income
As a married couple, you get used to two incomes. Your husband might have paid for certain things, and perhaps you paid for other things. When you go through a divorce, you might be faced with a sudden change in income. You might now only have one salary to rely on which can be really stressful.
The best thing to do is to create a budget. See where you can cut non-essentials out. If you create a budget, you can see how much money you will need to pay for all your essentials. This will also help you prepare for any shortfalls that you might face at the end of the month. A budget will help you know exactly where you stand financially, and this can prepare you. If you know what everything costs, then you will also be able to negotiate exactly how much alimony and child support you will need. Most women get the family home in the divorce. So include things like home maintenance and so on. You could also always ask a financial advisor to help you create a budget. They can give you valuable advice on how to budget and spend your income. Here is a guide providing financial tips for women.
- Your divorce fees
Divorce on average costs between $15,000 and $20,000. This can be incredibly stressful. Lawyer’s fees, mediation and going to trial, are amongst many of the fees that you will need to pay more. To limit these fees, consider getting an online divorce. Online divorce is not only cheaper, but it can be faster too. Here is a site where you can learn more about online divorce.
Try your best to keep things amicable during your divorce. This will ensure that your divorce fees, don't go through the roof. If you do need to use a lawyer during a divorce, make sure to use their services, only when completely necessary. Lawyers usually charge per hour. So make sure that you write a list of all your questions so that your thoughts are in order. If you are organized, you will be able to save time and money.
- Becoming a single parent
Now that you’re a single mom, finances will really be tight. You might have to begin working if you are a stay at home mom. If you do enter the workforce, you will then have to arrange for childcare, which will be an added expense. During your divorce negotiate things such as child maintenance, and childcare into your settlement. As a mom, this can be really tough. Especially if you are used to being at home with your children. It can be really tough emotionally to start working and leave them in daycare. You might be able to find half-day work, or a work from home job if you don't want to send your kids to daycare. If you do have to work full time, maybe consider a family member watching your children or a close friend. This can help you save the costs of daycare.
Another financial problem that women could face during the divorce process, is debt. You might have to pay off debt along with your ex. Or if he refuses to pay debts, you might be stuck with the entire account on your own. Therefore, it is really important to negotiate a way for you both to pay off your debt with a lawyer, to make sure that you are not stuck with the entire account on your own.
- Paying a mortgage
Many women want to keep the family home, but it would be wise to consider if you can pay for the mortgage. It might actually be a better idea to sell the home. You could then rent or buy a cheaper property, which could take off some financial pressure. Here you can find a guide on paying your mortgage after the divorce.
- Health insurance and car payments
If you were on health insurance together with your ex, you will need to get health insurance in your own name. This is an added expense but, it is important, especially if you have young children. You also might need to take over car payments, insurance, and car maintenance. It is wise to think about all of this before your divorce so that you can work out exactly how much money you will need to cover all these costs. Knowledge is power. The more you know about your financial situation, your budget, and your spending, the better you will be able to cope with finances.
- Ex-partner hiding assets
It is illegal to hide assets during a divorce. If your soon-to-be-ex is doing this, it would be wise to have an exceptional legal team. If they can prove that your ex is hiding assets, he can get into huge trouble and all of these assets could be awarded to you.
These are just a few financial problems that women could face during a divorce. It is always important to get great advice from a good legal team, if things are really difficult, or to choose a fantastic financial planner to help you make wise choices. As a woman, divorce can be really hard. But you also need to remember that women are strong. Even though you might feel that you will never be able to get through this, you must always remember that you can and you will.