When couples in California go through a divorce, they will face a variety of challenges. Women tend to experience challenges in a different way than men, especially when it comes to finances. In fact, money issues are ranked in first place when it comes to women’s concerns after divorce, which is even higher than concerns related to their children.
A study found that if a woman worked before, during or after her marriage, she was likely to experience a 20% decline in her income after her divorce. Men, on the other hand, are likely increase their income by an average of 30% after divorce. Poverty rates for men and women after divorce are drastically different as well: About 27% of women who end their marriage will experience poverty, which is almost triple the number compared to men.
One thing that women have found helpful is taking control of their spending as they try to adapt to their new situation. Before their divorce, they can gather papers like credit card statements, bank statements and other documents in order to get a realistic idea of where their finances sit. They can also put away money to use in the future and improve their credit. Opening a post office box is helpful because it will allow a woman to receive confidential mail as she goes through the divorce process.
A difficult part of the divorce process is dividing assets. There are often assets that are overlooked, like frequent flyer miles, stock options, club memberships and prepaid insurance. Some individuals turn to a family law lawyer as they go through the divorce process. The lawyer may be able to answer questions about dividing assets and other matters that would arise during this process as well as represent a client in court.