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Women find financial surprises in divorce

| Jul 17, 2018 | Divorce

According to a survey conducted by online marketplace Worthy, 46 percent of women who’d gone through divorce reported that the process included some financial surprises. The end of a Connecticut marriage brings with it emotion and stress for the parties involved. Being prepared for potential surprises can make the process smoother and relieve women who are divorcing of some undue stress.

In the study, women from three different groups were surveyed: those who were approaching divorce, those who were going through one and those whose marriages had already been dissolved. Among the surprises that women experience as a result of divorce are assuming child support or alimony payments would last longer or be higher, assuming they would keep the home, the cost of divorce and the cost of healthcare. It’s also not uncommon for people to be unaware of the amount of marriage debt they have, including mortgages, lines of credit, credit card debt, and car and student loans.

When women at least 55 years of age were asked if they’d had any financial surprises as a result of divorce, 38 percent said they had. This was a significantly lower percentage than was found for younger women. In younger age groups, almost half replied that they had experienced financial surprises due to divorce. In the study, 22 percent of women surveyed were 55 or older. The majority of women surveyed said their primary financial fear with regard to divorce was how to live on one income.

Regardless of their gender, people who are ending their marriages will have to confront a variety of divorce legal issues. An attorney with experience in this area of family law can often assist a client in negotiating a comprehensive settlement agreement that covers property division and, if applicable, child custody and support.