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Ladies: Take steps to avoid these financial mistakes when you divorce 

On Behalf of | Jun 7, 2021 | Divorce

The personal finance website Worthy conducted a survey of at least 1,785 divorced women in 2018. At least 22% of them were 55 or over. They did so to understand the impact if any, that divorce had on womens’ future finances. 

Study authors discovered that 46% of women admitted that their divorce caused them unexpected financial setbacks after its finalization. Some financial pitfalls that these women faced were more pronounced than others:

Being too “hands-off” about the family finances

Many of the respondents in the study weren’t overly active in managing their household finances. Their spouses were the ones earning the income while they were stay-at-home moms. Many were unaware of what their spouse made and what bills were due each month.

Many of the divorced women found it challenging to gauge how much they might need in child support or spousal maintenance because of this. 

Harboring unfounded misconceptions about custody and support

The respondents also reported being unaware of how judges render child custody and support decisions going into their divorce. Many assumed that they’d qualify for support when they wouldn’t. They tended not to realize that how much they received was contingent upon the amount of parenting time both parents received. 

Many divorcing women also made the mistake of assuming that they may qualify for indefinite spousal maintenance in exchange for them having quit their careers to stay at home with the kids. Others thought they’d be eligible for spousal maintenance if their spouse made significantly more than them. Many of these women found it quite shocking to learn that spousal maintenance is often temporary and not guaranteed. 

Talking about divorce without making any plans

Many women make the mistake of letting their spouse know of their plans to divorce without first apprising themselves of how property division, child custody and support and spousal maintenance work here in Illinois. 

You’ll want to take some time and learn more about your rights before initiating any divorce proceedings. The more you know, the better you’ll be able to handle what comes in the future.