About 46 percent of women surveyed claim they were met with staggering financial surprises when their marriage ended. Some women in California and other states were unaware of their household’s net worth when going through a high asset divorce. Surprisingly, women are eager to relinquish financial responsibilities to their husbands over the course of the marriage, leaving many oblivious that they share responsibility for the marital debt.
Experts say life after a divorce becomes more difficult for women who are in the dark about finances during their marriage. Others say living on a single income and being unable to keep the family home are their biggest financial fears along with securing affordable health insurance. Of the women surveyed, many said the amount of alimony and child support was less than expected, and the allotted time frame was shorter than anticipated.
According to some, women who play an active role and share financial responsibilities by working, investing and saving during their marriage are better prepared to sustain the same level of living after their divorce. Some may have to increase earnings while decreasing expenses to make contributions toward retirement. Others may make investments the primary focus for the next five years to build a retirement portfolio.
Deciding to divorce is not easy, but it is important to protect one’s financial future. Along with settlement negotiations, there are many emotional, financial and legal hurdles with which to contend. Residents of California may consult with an attorney who has experience in handling a high asset divorce to be sure that all their questions and concerns are addressed.