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Tips for less financially knowledgeable spouses in divorce

On Behalf of | Jun 1, 2020 | divorce

Women in Florida who are going through a divorce might struggle more financially after the divorce than men. One global survey found that the majority of women left financial management up to their husbands, and this can leave them at a disadvantage during a divorce.

There are a number of things the lower-earning, less financially involved spouse should keep in mind. First, they need to make decisions that will take care of their short-term and long-term needs. For example, if they keep the family home in the divorce, they might be able to get a home equity line of credit to get easy access to cash needed in the near future. Next, they should consider what kind of resources and talents they have to allow them to maintain financial stability over the longer term. Divorce can be stressful, and decision-making can suffer as a result, so spending time working with a financial advisor who understands the issues around divorce can help.

Some people might need some training and education in managing their own finances. It can help to put together a step-by-step plan for financial management during and after the divorce.

During the process of property division, people should keep in mind that there may be costs associated with some assets. For example, some people may fight to keep the family home because they have a sentimental attachment to it and they think it will provide stability for their children. However, they need to make sure they can afford it on a single income along with other expenses, such as utilities, property tax and insurance. It is also important to keep in mind when looking at the value of assets that some, such as some retirement accounts, may be worth less than their face value since they are taxed on withdrawal.