We often hear how financially devastating divorce can be, especially for lesser-earning spouses, who have traditionally been women. However, during an Illinois divorce, marital property is divided equitably between the two spouses. What that means is that while the property might not be divided exactly 50-50, it is spit in a way the judge deems fair and just.
You might be asking yourself, how then can divorce lead to financial devastation? In most cases it results because there simply isn’t enough money to cover the added expenses of turning one household into two. But, sadly, what often contributes to financial devastation following divorce is poor decision-making and planning.
The good news is this situation can be avoided with financial empowerment, a recent article from ABC News reported. The article was written by a financial adviser who specializes in helping women take control over their finances following divorce.
The author said that some women take on the role of “victim” when it comes to post-divorce financial issues, but this is a recipe for financial disaster. Instead, she said women should become empowered when it comes to handling financial decisions and planning during and after the divorce. She said the goal is to work toward being financially independent and self-reliant.
In order to get there, the financial planner said it requires getting educated and taking a realistic look at the property settlement process.
For example, some women opt to keep the marital home as part of their property settlement because of emotional attachments. However, this can be a poor decision, financially speaking, because of the high expense of maintaining the home.
Of course, keeping a clear head and making smart financial decisions isn’t always easy during divorce when negative emotions are running on high. However, there are professionals such as financial planners and divorce lawyers who are there to help.
Source: ABC News, “How Women Can Keep From Making Themselves Victims in Divorce,” Laura Mattia, Sep 4, 2014