Women in New Jersey who have gone through a divorce usually experience financial challenges. While men who go through a divorce are likely to experience an increase in their income, women who worked before or during their marriage are likely to see a 20% decline in their income after marriage. It is also more likely that women will experience poverty in comparison to men after divorce.
There are a few steps women can take in order to deal with these financial challenges. As a woman begins to contemplate divorce, it is beneficial to start putting money away that can be used later on. She may wish to open a post office box where she can receive confidential mail. She may also want to start paying off debt, improving her credit score and getting an accurate idea of where she sits financially.
It can be challenging to adapt to life on just one income as opposed to two. However, the sooner a woman can create a new budget, the better. It is also good for a woman to learn about her options for health insurance after a divorce, especially if she relied on her ex-partner’s plan. Taxes are also of concern to many women. Working with an accountant to manage the expenses of divorce may be helpful. Saving for retirement should still be a priority for a woman despite her change in circumstances.
Concerns regarding children are closely intertwined with money issues; many women are concerned about how their children will fare after a divorce. An attorney may provide information about property division, child support, spousal support and other divorce legal issues. The attorney may be able to assist with drawing up divorce papers, filing these papers and seeking custody of the children.