Women in New Jersey are likely to encounter unexpected and unpleasant financial issues when they get a divorce. Forty-six percent of the divorced women who participated in a survey reported that the legal process resulted in financial surprises.
The study in question polled 1,785 women who were about to get a divorce, in the middle of the divorce process or already divorced. Twenty-two percent of women who participated were at least 55 years old; the majority of these older women had already gone through a divorce.
Divorced and divorcing women will often experience financial outcomes that they had not expected. Many women are surprised at how much marital debt they share and the fact that they may have to reenter the workforce. Women are also surprised at the reduced amount and duration of the spousal support and child support they receive and that they cannot retain the marital home. The heavy costs associated with obtaining healthcare insurance and the process of divorce are also common unpleasant surprises.
The survey participants were asked whether they had encountered any unexpected financial issues during their divorce. Thirty-eight percent of the respondents who were at least 55 years old and almost 50 percent of the younger women reported that they had experienced financial surprises.
Before they enter into negotiations for divorce settlement terms, it important that women have a complete picture of their financial standing. They should be aware of their shared net worth with their spouse and be able to note all separate and joint expenses.
A divorce attorney may consider the circumstances of a client’s divorce and recommend a certain legal strategy to pursue the desired divorce settlement terms. The attorney may litigate to protect the rights of clients regarding the division of marital financial assets.