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Managing finances for women during and after a divorce

| Dec 4, 2019 | Divorce |

While both women and men in California may face challenges after a divorce related to finances and children, these challenges are more common for women. Women have three times the poverty rate that men do after a divorce and tend to suffer a loss in income while men’s incomes often increase. On top of this, mothers are still more likely than fathers to get child custody, and this can leave them concerned about how they will support their children.

To prepare for the divorce, women should make sure they have copies of all relevant documents relating to the family finances including bank statements, tax returns, and titles and appraisals for all assets. They might want their own bank account and post office box to save up for and receive confidential correspondence about the divorce. During the divorce, they may want to create a budget for once the marriage has ended.

A financial planner may be able to assist in this process. There may be a number of considerations, such as how to pay for health insurance that was provided by the husband or how to pay for new housing. Women may also want to consider seeking other types of support. Both they and their children might benefit from talking with a therapist. Friends can also offer valuable support.

Women may want to talk to an attorney about the process of dividing marital property. Negotiations over property division can be difficult, but they need to make sure they do not concede too much in an effort to get the divorce over with quickly. Since California is a community property state, they will generally be entitled to an equal share of all property acquired since the marriage even if the husband was the only income earner. The woman may also receive child and spousal support.

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