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Family law outcomes must support a woman's special needs

Recent studies have reported how women may be more financially challenged by a divorce than men. This may be even more true in Florida where the family law demographics involving 'gray' divorces tend toward more women being risk intolerant in comparison to older men. A study at a major university recently concluded that women generally struggle with financial decisions more than men.

Researchers noted that risk tolerance is a major factor allowing for wealth accumulation and successful retirement planning. This is a characteristic more readily available to men. However, women who prepare carefully during and after the divorce can overcome any statistical tendencies that may be indicated. First, a woman should educate herself on all financial realities in her situation.

This starts with knowing one's needs and one's expenses both now and what is anticipated going forward. All assets and liabilities should be listed for a full picture of one's financial picture. Asset division and the impact on the long-term budgetary needs must be evaluated. Joint obligations must also be examined to determine who will best take on the debt. Some debts can be paid off and eliminated from consideration.

It can be helpful to construct a budget while divorce negotiations are taking place. The demands in the proceedings can be tailored to assuring that the budget will be comfortably achieved post-divorce. The budget will also reveal how much one will need to make from employment or business over and above any property and support considerations relating to the divorce.

A woman will find it important to learn about the tax consequences of the separation and the situation after the divorce. Advice on taxes and specific financial planning for the future, including for retirement, can be obtained from a qualified financial planner. There are financial planners who also specialize in divorce. Of course, an integral source of information and professional advice on these and other topics will be provided by one's attorney who is experienced in Florida family law practices and procedures. 

 

Source: divorcedmoms.com, "The Truth About The Financial Risk Of Divorce For Women", Lidia Staron, May 24, 2018

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