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The financial implications that women don’t anticipate when they divorce

On Behalf of | Dec 4, 2020 | Divorce

An online survey conducted by Worthy in 2018 captured how 46% of divorcing women noted that the end of their marriage brought with it some unexpected financial consequences. At least 22% of the 1,785 women polled by researchers were 55 or over.

What factors tended to catch these divorcing women off guard more than others?

A lack of understanding and knowledge when it comes to financial matters

Many women, especially if they are stay-at-home moms, may not play an active role in managing their household finances. They may, therefore, not be aware of their spouse’s income, how much the bills are each month, and any debts they’re responsible for covering. They may find themselves overwhelmed by the expenses they have to cover to support their family and household.

Unrealistic or uninformed concepts of how child support works

Divorcing women often have misconceptions about how judges make custody decisions and how they award child support. They seldom realize how such awards are often contingent upon how much parenting time a mom or dad spends with their kids. Many divorcing women may erroneously assume that they’ll qualify for child support when they don’t or believe that they are eligible to receive more than what Illinois law entitles them to receive.

An unclear idea about what kind of spousal support they may be due

The same logic applies to alimony. Many women wrongly assume that they’re eligible for it indefinitely because they put their careers on hold to stay home and care for their kids or because their spouse made significantly more than them. While you may qualify for temporary spousal support in either one of these situations, a Chicago judge is unlikely to allow you to receive alimony for an extended time. The court generally only awards it to bridge the gap as you get your bearings.

What to do if you’re a woman who’s preparing to divorce

You may find it helpful to discuss your financial situation with a family law lawyer if you and your spouse are preparing to split up. There are many different financial documents that a divorce attorney will want you to compile to gain a better perspective about your family’s assets and liabilities. Your Chicago lawyer will use the information you provide them with to better hone in on the settlement that you may be able to expect in your Illinois divorce case.