Women Hit Hardest by Financial Surprises After Divorce
August 26, 2023
Ending an unhappy marriage has many benefits, allowing both people to move on with their lives. Most Tennessee divorcees find great happiness after their divorce, whether with a new partner or on their own. However, there is no denying the financial impact of divorce. Unfortunately, some financial surprises seem to hit women harder than men.
A survey from Worthy — an online marketplace — asked 1,785 adult women about financial surprises relating to their marriages and divorces. The group was a mix of women in one of three different life stages. The first included those ready to end their marriages, the second group comprised women in the middle of a divorce, and the third group consisted of already divorced individuals.
Although women older than 55 made up only 22 percent of respondents, most were already divorced. Of that same age group, 38 percent told Worthy that they had run into financial surprises in divorce. Approximately 50 percent of their younger counterparts reported unexpected economic issues. The reported surprises mainly were the same across age demographics, though, with some of the most commonly reported ones involving the size of marital debt. Many women were unaware of how much they owed for mortgages, auto loans, credit card debts, etc.
Women also tend to expect that child support and alimony will last longer or that the payments will be higher, which can skew perceptions of financial stability. To avoid any unpleasant shocks after divorce, women in Tennessee should be sure that they fully understand their finances. By taking the time to do so, they are more likely to reach a divorce settlement that empowers them financially for the future.
Going through a divorce is a difficult situation. No one should have to go through this challenging time alone. The attorneys at Hagar & Phillips are ready to fight for your spousal rights and defend your case in court. For more information on divorce cases, how the divorce process works, contact us, or to speak to one of our divorce attorneys about your particular case, give us a call today at 615-784-4588!
