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Financial planning for divorce

After a divorce, the financial situation will change for many Pennsylvania couples. It can be particularly hard financially on women. Married women earn more money than women who are separated, widowed, divorced or single, but despite this and the growing number of women in the workplace, they still earn less than men on average. Caregiving, which more often falls to women, may mean women only work part-time and have fewer opportunities for career advancement and saving money.

The person who earns less in the marriage, regardless of sex, may have to contend with other disadvantages after the split. While this person might have been responsible for paying some household bills, the breadwinner may have mainly controlled the finances. This means that the lower-earning spouse may need assistance in making a financial plan for after divorce. A professional such as a financial planner might be able to help with this.

People in this situation should begin by looking at the big financial picture including income, expenses and future plans. It is important to keep in mind that life may change drastically in financial terms after divorce. This goes for lifestyle as well as long-range plans for retirement. In making this plan, it is better to avoid being overreliant on spousal or child support since these payments are not likely to be permanent.

In a high-asset divorce, the process of property division might be critical in securing a person's financial future. There may be real estate holdings and other investments, a business, and retirement accounts. While drawing out a divorce con be expensive and time-consuming, lower-earning spouses may want to make sure they receive an adequate share of assets. Many couples choose to try to negotiate an agreement with the help of their respective attorneys.

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