Women More Likely to Face Financial Challenges Post-Divorce

Women are more likely to face financial difficulties when they emerge from a divorce according to a recent finding concerning the high divorce rate in this country.

According to the study, conducted by researchers at a university in the state of Virginia, women are leaving their marriages without the basic knowledge of money management skills. Although there was a nationwide drop in divorces between 2008 and 2009, thanks to a flagging economy, those numbers are increasing once again. This means that more women are being thrust into a still-ailing economy without knowing how best to manage their finances, say researchers.

One of the most cited reasons for difficult divorce settlements is when a couple faces debt due to house payments. This also tends to affect child custody cases since relocation can significantly impact who will gain custody of the children.  In addition to the home and children, women are also cited as having serious credit card debt when they emerge from marriage, contributing to financial difficulties.

If you have questions about how your finances will be impacted during your divorce, contact the Law Office of Michael Young now to speak with a Riverside family lawyer who can offer you advice.