How women can deal with financial challenges during a divorce

It is more likely for women in New Jersey and the rest of the United States to face financial challenges after a divorce than it is for men to do so. One study showed that men are more likely to experience an increase in income after divorce by up to 30%. Women, on the other hand, are likely to experience a 20% decrease in income.

Women may find that taking practical steps before, during and after divorce can help them deal with the financial challenges they may experience. While contemplating a divorce, a woman may want to start getting familiar with where she sits financially by gathering important papers like credit card statements, bank statements and retirement account balances. It may be wise to put money away that can be used after the divorce. While this money will need to be disclosed during the divorce proceedings, a woman will have money to get the divorce process started.

During and after the divorce, it is likely that a woman will have a difficult time getting adjusted to living on just one income. Creating a budget and living within a person's means are essential steps that need to be taken. Things that will need to be considered during the divorce process that can affect a woman's finances include health insurance, taxes and retirement savings.

Some women turn to a family law attorney as they contemplate divorce and decide to file for it. Many have found that dividing assets in a divorce can be a challenge. An attorney may be able to help a woman by checking for assets that are often overlooked, like gym memberships, stock options, frequent flyer miles and season tickets. The attorney may provide practical help like drawing up divorce papers and showing a client where these papers need to be filed.

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