Financial issues for divorced women

Financial surprises are likely to be in store for women in South Carolina who get a divorce. A survey of 1,785 women showed that for 46 percent of divorced women, their divorce resulted in unexpected financial developments.

The survey asked the participants about their roles regarding the financial matters in their marriages. Some of the women stated that they relinquished all of the financial responsibilities to their spouses; this means that the husbands were solely responsible for earning an income and handling the couples’ investments and bills.

The survey results showed that it was the younger women, not the older women, who had a greater likelihood of letting their spouses handle all of the financial issues. Eighteen percent of the women who were at least 55 years old stated that they left their husbands in control of the finances while almost 23 percent of the women who were between 18 and 54 years old stated the same.

The majority women of all ages stated that having just one income was their primary financial concern when it came to being divorced. The costs associated with getting a divorce was the next most concerning financial issue.

There was a distinction among the age groups when the survey participants were asked about their focus for the financial future. Thirty-eight percent of the women who were at least 55 years old were seriously concerned about their retirement years. This percentage dropped by half when millennials were questioned.

A family law attorney may assist divorcing clients with obtaining the divorce settlement terms they desire. The attorney may engage in litigation to protect the rights of clients during disputes regarding the divorce legal issues, such as the division of marital property, the amount of child support and the duration of spousal support.