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How women may protect their finances in a divorce

| Dec 6, 2019 | Divorce

Some women in Pennsylvania who are going through a divorce run a higher risk of financial problems than men who divorce. Working women tend to have a drop in income after divorce while the income of divorced men tends to rise. Women are also at a greater risk of poverty following divorce.

In order to protect themselves financially, women should make sure they have records of all the marital and individual assets, including tax returns, bank statements and appraisals of any items of value. They may want to work on improving their credit by taking out a credit card that they pay off monthly. Other considerations might be getting a private post office box for confidential correspondence and opening a new bank account. The existence of the account will have to be disclosed during the divorce, but it may help pay for some expenses. Women should also think about a budget for after the divorce, including how they will pay for health insurance and new housing if necessary.

Some women worry about how they will support their children after the divorce. While prioritizing children is important, mothers also need to take care of themselves. They may want to seek help from friends, a therapist or even a financial planner. Children may also benefit from talking to a therapist.

After the divorce, the children might split their time equally between the parents, or one parent may have custody. It is still more common for this parent to be the mother, but whether it is the mother or father, in many cases, the noncustodial parent pays child support to the custodial parent. Income and other factors help determine the amount. If a parent is not paying support as ordered, that parent’s wages may be garnished, or other measures may be taken.