Finances: Five Tips for Women to Get Back on their Financial Feet after Divorce
Consider these numbers: After a divorce, 45 percent of women see their standard of living drop by 27 percent. If you’re concerned about your financial future post-divorce, there are steps you can take. Here are five tips to help you take charge of your finances when you’re divorcing:
1. Get to know your money.
Be aware of the investments you and your soon-to-be ex made. Read your financial statements and make copies of them. Put those documents in a safe place.
2. A 50-50 split of marital options may not be fair.
That’s especially true for women who didn’t finish their education and stayed home raising the kids. She’ll probably need more than a 50-50 split until she can get on her feet.
3. Develop a budget and make sure it’s realistic.
Without one, you won’t be able to determine whether the settlement proposal will be fair and will help you meet your needs.
4. Know the tax implications.
The tax consequences of an asset you and your soon-to-be ex-husband could help you decide whether you want it.
5. Pay attention to the details.
Before the divorce is final, get life insurance to guarantee child support or alimony.
