Texas women facing a divorce may relate to divorcing women who said in a survey that their biggest financial fear when it came to divorcing was living off just one income. The second fear was the actual cost of the divorce.
The truth is that for many women, divorce brings with it unpleasant financial surprises. Many of the surprises are connected to debt that they did not know they or their spouse had. An example would be secret credit card debt, a higher-than-expected mortgage payment or a home equity line of credit.
For many women, these surprises have meant that they’ve had to make lifestyle changes after marriage. This could include returning to the workforce after years of not working outside of the home. Some may have assumed that the amount of money they would get from alimony or child support would be higher or that they would be receiving these funds for a longer period of time.
For many women, it is surprising when they learn that they will not be able to keep the marital home. This means that they will now have the added expense of a mortgage or renting a place to live.
Some women may have been covered by their husband’s health insurance. After the divorce, that coverage may no longer exist, and they could be responsible for covering their healthcare expenses. Some have simply underestimated how expensive getting a divorce is, and they find that savings they thought they would be able to rely on for life after the divorce are spent during the divorce process.
A family law attorney may help a divorcing spouse get a clear picture of their family’s financial situation as well as any debts that they may be responsible for. An attorney may be able to advise their clients on shared accounts, asset valuations and other practical issues that may arise during the divorce.