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Divorce Can Often Result in Several Financial Revelations

On behalf of Tasha K. Schaffner of Schaffner Family Law posted in divorce on Tuesdat, July 24, 2018.

In many households, one spouse usually takes control of handling the finances. However, in the event of a divorce, the spouse who has not been involved in the monetary aspects of the household may discover some uncomfortable revelations. Kentucky residents who are facing a divorce may benefit from learning more about money management strategies for the future.

A recent study focused on how a divorce can adversely impact women who were not actively involved in managing their household affairs. It was determined that there are approximately six key areas where women experienced difficulties both during and after their divorce. This includes not having sufficient knowledge of the amount of debt that exists — such as mortgage, student loans, credit cards and 401(k) withdraws. Another reality that may not have been considered is the need to return to work or seek a higher paying position.

Other concerns that affected those recently divorced included the realization that support payments were less than anticipated and the cost of obtaining a divorce was more than expected. Study participants also discussed the unexpected cost of securing health insurance. Others had assumed they could retain the family home but may have been forced to relinquish it in order to make ends meet.

The study found that, in the aftermath of a divorce, women from the older generations were more inclined to be concerned about retirement, and a significant proportion reported that focusing on acquiring more assets through investments would be a primary goal. Regardless of one’s sex, both spouses in a marriage are advised to take an active role in handling the finances. Kentucky residents who are beginning the process of divorcing may benefit from working closely with an experienced attorney in order to obtain the best settlement that can help them achieve financial stability.

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