Women in Kentucky who get a divorce may already be aware that the process could have a negative impact on their finances. However, they should also be prepared for any unexpected financial developments that are likely to occur.
A survey of 1,785 women was conducted to determine how divorce impacts the finances of women. Forty-six percent of the women stated that they had experienced financial surprises as result of their divorce. The participants included women who had plans to file for divorce, were in the midst of a divorce or were already divorced. Women who were at least 55 years old made up 22 percent of the participants; the majority of these women were already divorced.
The women were asked about the financial roles they fulfilled while they were married. Some of the women responded that they left complete control of the household’s finances to their husbands. The husbands were responsible for earning an income and handling the investments and bills of the households.
Eighteen percent of women who were 55 years of age or older reported allowing their husbands to assume all of the financial duties. Twenty-three percent of the women between the ages of 18 and 54 reported the same.
The results of the survey revealed that the majority of women in all age groups reported that their most significant financial fear related to a divorce was living on a single income. Their second financial concern was how much it would cost to get a divorce.
A family law attorney may work to protect the rights of clients during a divorce. The attorney might engage in litigation to obtain favorable divorce settlement terms regarding spousal support, child support and the division of financial assets. Negotiation may also be used to obtain resolutions to divorce legal issues.