New Jersey women who are thinking about getting a divorce should be aware that one aspect of their lives likely to be negatively impacted is their finances. Forty-six percent of the divorced women who participated in a survey reported experiencing financial surprises as a result of their marriage coming to an end.
The survey questioned 1,785 women regarding divorce and finances. The respondents included those for whom divorce was on the horizon, women in the middle of the divorce process and women who were already divorced. Twenty-two percent of the women surveyed were 55 years old or older, and the majority of these women were already divorced.
Women are likely to encounter certain types of financial surprises during their divorce proceedings. These include being uninformed about exactly how much marital debt there is and not realizing that they will have to be a part of the workforce again. Many women tend to think that the alimony and child support they will receive will be much more and be paid longer. The high costs of getting a divorce and health care insurance are also unpleasant surprises.
Participants of the survey were asked about experiencing unexpected financial issues during their divorce. For women who were at least 55 years old, 38 percent stated that they had experienced financial surprises. Almost half of the women who were a part of the younger age groups stated that they experienced the same financial issues.
A family law attorney may assist clients with obtaining resolutions to complicated divorce legal issues, such as those regarding financial matters. Litigation may be used to ensure that clients’ rights and interests are protected when addressing the division of assets, such as savings, retirement accounts, investments and real estate.