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Women Continue to Suffer Financial Problems During and After Divorce - Learn How to Mitigate the Risks

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Joliet divorce lawyersWhile family structures have changed drastically over the last few decades, women continue to be at a disadvantage during divorce. This can be more true for certain women, particularly those that have remained home to care for children, are financially disadvantaged, or victims of abuse. What can women do to mitigate the financial risks of divorce, and are there any other factors at play?

Understanding the Gender Pay Gap

Despite improvements within the workforce, many women continue to make less, per dollar, than their male counterparts, even when they are doing the same job. This can exasperate any financial issues that women may experience during and after divorce.

Unfortunately, there is little one can do to change policy within the country. They cannot force employers to pay them more. What they can do, though, is plan ahead for the loss of income they might experience after divorce. Pay off debt before the divorce. Seek out opportunities that could increase income without a lot of time commitment (i.e. selling crafts, dog-walking, house cleaning, etc.). Lastly, ensure you get the representation you need during divorce to ensure every financial aspect of your case is carefully considered.

When Women Are Left Out of the Loop

Another common disadvantage for women is that they are often the ones left out of the financial loop. Their husbands may be the ones that manage the income, debts, and assets. Husbands may also be the one to be in possession of retirement accounts and other, easy-to-hide or forget assets. This lack of knowledge that can hurt women in the divorce process.

Thankfully, it can be mitigated with the help of an experienced divorce lawyer. More specifically, a lawyer can help discover any hidden assets and assist in finding the information needed to obtain a clear picture of your financial situation. This can be especially critical in divorces where the risk of asset hiding may be especially high. Examples of such relationships might include those with an element of financial abuse, emotional abuse, or domestic violence.

Our Joliet Divorce Lawyers Can Assist You

Regardless of the situation you are facing, the Joliet divorce lawyers at Law Offices of Tedone and Morton, P.C. can help. We aggressively protect the best interests of our clients and always pursue the most favorable outcome. Learn more about how we can assist with your case. Call 815-666-1285 and schedule a personalized consultation with us today.

Source:

http://wtop.com/money/2017/03/mindful-divorces-financial-consequences/

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