Financial Planning for Divorced Women
Transactions and facts NOT emotions and feelings will let you process divorce for a financially empowered new you.
FINANCES and MONEY rule the conversation in most divorce cases.
Knowing your numbers and understanding the impact of the changes you are about to experience, will empower you to focus on what's at hand.
Here are 3 Divorce myths dispelled:
Myth #1: Women can always count on alimony - Decisions about spousal support, just like custody decisions, are no longer are based on outdated prejudices and are based on the economic realities of the respective spouses regardless of their gender. This includes the modern reality that women often earn more than their spouses.
Create and understand your expense projections, both pre-divorce and post-divorce.
Separate the must-pay bills from the discretionary spending on that list.
Myth #2: Mothers automatically get the kids - Historically, there certainly has been bias in favor of mothers but the law has evolved along with changes in society to reflect that both fathers and mothers can be “custodial” parents. Decisions about custody and visitation will be made based on what is in the best interests of the child, and that depends on circumstances and characteristics that have nothing to do with gender
Create a list of expected spending on the children’s needs, as detailed as possible, and assign payment responsibility from the beginning. Keep track of all of your spending on behalf of the children from the moment the divorce proceedings begin.
Myth #3: You can avoid paying child support - Child support obligations and amounts in many states are established by law. If you have a minor child and you are not the custodial parent, you will pay child support. If you fail to comply with a child support order, both your spouse and the state will take aggressive steps to enforce those orders and obtain the support owed
Create a separate account in the bank and have the amount needed for the alimony and child support separated form all other accounts and expenses. Not paying your alimony is not an option!
At Women & Wealth Solutions, we can coordinate a strategy for your financial well-being with your legal team and give you the support you’ll need to face this challenge head on.