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How finances change after divorce

For many Georgia couples whose marriages are coming to an end, a divorce can mean financial challenges. Although women are increasingly working outside the home and earning more, they still tend to pay a higher price in a divorce in terms of financial insecurity. Because they tend to take on more caregiving duties, women also give up some of their earning power.

Women may also be less likely to fully understand the household finances. Although they may be responsible for paying some bills, their husbands may primarily manage the money in the relationship. Therefore, the first step a woman may need to take toward protecting herself in a divorce is organizing finances. This includes looking at assets, expenses, income and financial goals. Women should try to make plans that are not overly reliant on child and spousal support since these are unlikely to last indefinitely.

Going to a single-income household could be an adjustment, but people should not wait to organize their finances. It is important to consider that retirement might look different as well with one retirement account instead of two. Learning as much as possible about finances can help stave off anxiety. People may want to consider taking a class or working with a financial professional.

People who are preparing for divorce who have been the main breadwinners might be concerned about how much they will be required to pay in spousal support and for how long while those who have not worked outside the home or who have a significant gap in income compared to their spouses may want to talk to an attorney about how much support they might collect. In some cases, people will only get spousal support for a limited amount of time.

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