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What women should know about finances in divorce

Many people in Colorado may experience some unpleasant financial surprises when going through a divorce. One online marketplace, Worthy, found that nearly half of divorced women in a survey said this had happened to them. The incidence of surprise was greater among women under 55 than for those 55 and older.

One surprise was a lack of awareness about how much debt there was. This was particularly likely to happen in relationships in which the husband solely handled marital finances. The survey found that this was also a more prevalent arrangement among younger women than older women with 18 percent of women who were 55 and older saying their husbands made most financial decisions compared to nearly a quarter of women 54 and under.

Women also reported being surprised that they would have to go back to work or that child or spousal support did not last longer. Many thought they would be able to keep the family home and were surprised that this was not possible. The cost of health insurance came as a shock to many. Finally, women said the cost of the divorce surprised them.

Before filing for divorce, it is important for a person to have a full understanding of the family financial situation. This should include an understanding of individual and joint costs.

Finances can be a concern for many people during and after divorce. They may be worried about what assets they will have to give up or what their budget will look like after the divorce. People who are closer to retirement might be more concerned about how they will rebuild a retirement account while parents with minor children may be worried about child support. Parents might be able to negotiate an agreement about property division instead of having to go to court, and this may give them more control over the outcome.

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