It is common for both men and women in Virginia to experience challenges after a divorce. However, in a country where women are often awarded custody of children and where women’s income is 81% of men’s, the challenges may be different. Here are two of the biggest challenges women face after a divorce.
Money problems have ranked number one when it comes to the top concerns of women after a divorce. This makes sense because women may experience a decline in their income when their marriage ends. Women are also more likely to experience poverty after a divorce.
Not all women can magically come up with more money to cover their expenses, but taking control of their spending and working to adapt their new situation can help. Creating a budget is essential. It is also important to have a realistic idea of where a person’s finances really sit and to give attention to insurance, taxes and retirement savings.
Concern over children ranks at number two when it comes to women’s top concerns after a divorce. This concern may be intertwined with money since many women worry about how they will take care of their children and pay for their education. Some women have found that it is helpful to talk to a therapist or friend in order to get emotional support and to speak with an account in order to get their finances under control.
When a person is contemplating a divorce, it may be beneficial to close out all joint credit cards, including gasoline and department store cards. However, a person may want to speak with an attorney first since joint accounts mean that both parties are responsible for the balance. The attorney may also be able to provide answers to other questions a person has related to divorce.