The surprising financial implications of divorce

On Behalf of The Law Offices of Ronda A. Middleton |

Those who get divorced in California may find that the separation process comes with a variety of surprises. For instance, it may be difficult to fathom how much debt the household had. Common debts include mortgages, credit cards and student loans. It could also be difficult for some to come to the realization that they may not be able to keep the family home.

These insights were gathered by a survey of 1,785 women who were at varying stages of the divorce process. The overall cost of the divorce was a common worry of women surveyed regardless of their age. However, those who were over the age of 55 were less worried about retiring and more concerned about building up their investment portfolios. Of those surveyed, 23 percent between the ages of 18 to 54 had allowed their husbands to make the financial decisions for the household.

However, by not knowing what assets the couple shared, it can be harder to negotiate a divorce settlement. The same may be true if a person doesn’t understand how to differentiate between a marital and separate debt. As each ex will be responsible for their own finances after a divorce, it may be worthwhile to stay involved in making financial decisions while married.

The end of a marriage can bring about a period of adjustment. It may mean that a person pays their own rent or covers their own insurance premiums. However, it could be possible to obtain spousal support or other types of assistance in a divorce settlement. An attorney might be able to help a divorcee get what they need to maintain a reasonable lifestyle while single.

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