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How people can protect themselves in divorce

On Behalf of | Aug 21, 2017 | Divorce

Many Kentucky women who are going through a divorce earn significantly less than their husbands. On average, U.S. women still earn around 82 cents for every dollar that men do, and the financial setbacks that may accompany divorce can hit women particularly hard. After a divorce, the household income of women falls almost twice as much as men’s does.

There are a number of reasons that women may earn less money. One is that they often have the duties of caring for their children and parents. However, there are steps women can take to better prepare themselves financially for life after divorce.

It is important to make a financial plan. While the person who is not the breadwinner might be awarded child and spousal support after a divorce, it is best to avoid relying too much on this in financial planning since these payments are usually temporary. The person should take income, assets, expenses and goals into account. Some long-term plans, such as retirement, may look very different after divorce. Making this plan may be both difficult and painful, but a person should not put off doing so.

An attorney may also be helpful in this process. The attorney might also be able to help the person reach a decision about what can be compromised on in property division. The couple may be able to negotiate property division without going to court, but it is important for a person to try to make decisions that are not based on emotional reactions. For example, it can be tempting to agree to a less favorable financial settlement in order to get the process over with quickly, but this can leave a person financially vulnerable.