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Women must consider their financial future when they divorce


For Minnesotans going through a divorce, it will inevitably be a difficult time, with many factors coming to the forefront as they try to adapt. One issue that is worrisome for women is the way their budgets will change after the case is complete. This must be considered during the process so it is addressed and there is preparation for the future.

Statistics show that being married can be beneficial when it comes to finances. The median weekly earnings for women who are married is 20 percent higher than that of women who are not married. This information comes from the Bureau of Labor Statistics. Married women were found to earn more than unmarried men at 9.6 percent. They make 23.4 percent less than married men. Post-divorce, the woman's overall income for the home fell by an average of 41 percent. That is nearly double what men lose in a similar situation.

Women, in general, earn less than men do. This is an ingrained matter in society and an American culture that is slow to change. Another factor is that women are often left to handle caregiving, and this can reduce how much they can earn. Having to work fewer hours or finding jobs that are flexible enough to allow this can reduce wages. Often, women do not handle the household finances and these situations will change after the marriage has ended. Sound advice includes examining the finances, with income, expenses and assets along with future goals. Being responsible for a household as an individual vs. for a family is a difficult transition even if there is alimony being paid by the husband. There are numerous costs that might not have been considered previously.

When at the end of a marriage, the divorce legal issues are often compounded by the emotions that accompany such a life change. Being adequately prepared goes beyond the case itself and getting ready for the future. This is when it is essential to consider having legal help. Discussing a case with a lawyer who is experienced with all aspects of divorce is often done.

Source: money.usnews.com, "Why Women Should Rethink Their Finances After Divorce," Stacy Rapacon, Aug. 14, 2017

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