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Divorce can be a time of financial surprises

The financial aspects of a divorce can come as a surprise for people in Georgia who come to the decision to end their marriages. The process can shine a harsh light on marital finances, and many people may discover things of which they were previously unaware. In one study of 1,785 divorced or divorcing women, 46 percent of respondents said that they faced some type of financial shock during the process.

These financial surprises were felt by both younger and older participants in the survey. In fact, younger women were more likely than older women to have left financial matters in the hands of their husbands prior to the divorce. One of the most common surprises was the discovery of the full extent of marital debt, from credit cards to lines of credit to mortgage loans. In addition, the expenses after divorce often came as another surprise, from the fees and costs associated with the process itself to the cost of purchasing health insurance as a single person.

For women who had spent years as stay-at-home mothers, the return to the workforce was often accompanied by financial surprises. Some were unable to obtain the positions or salaries they desired or suffered from having spent years outside the workforce. Other women who had remained in the workforce throughout their marriages dealt with the financial aftereffects of dividing their retirement funds.

When people are going through a divorce, these kinds of financial surprises can be more difficult to handle than the emotional and practical issues that arise. A family law attorney can work with divorcing spouses to protect their interests and seek a fair settlement on issues relating to property division, spousal support and other key concerns.

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Hecht Family Law
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