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Financial Tips for Women Planning to File for Divorce

Financial Tips for Women Planning to File for DivorceEven though there is an increasing trend toward equality for men and women, many women still earn less than their male counterparts. Also, more mothers are working as stay-at-home parents than fathers. As a result, when divorce is imminent, women may have to think a bit differently about financial matters.

In the past few decades, more women have ventured out into the workforce, leaving the days of stay-at-home parenting in the past. However, even for a woman who is working and has children, there are still some challenges they may face after a divorce. Some helpful tips to help women going through a divorce remain financially sound are found here.

Considerations for Stay-At-Home Moms

For women who have spent years at home, raising their children, the idea of divorce can be a bit intimidating. The first step for a stay at home parent is to get a handle on your family’s financial situation. Believe it or not, there are many stay-at-home parents who don’t know how much money the other spouse makes each month. They also may not have precise information about investments and stocks. Now is the time to acquire that information. Some things to gather include:

  • Marital debts
  • Marital assets including automobiles and real estate
  • Investments, retirement accounts, and stocks
  • The budget for the family
  • Monthly income from the working spouse
  • Additional income from business ventures or investments

Any divorce can be stressful for a stay-at-home parent, but especially high-asset divorces. If you don’t have regular access to your financial situation, it is a good idea to learn about hat property you have acquired with your spouse and get a good idea of what your spouse’s income has been for the duration of the marriage. When you write down all your marital assets and figure out your monthly budget, your divorce lawyer in Coral Gables can help you consider all the potential outcomes of the divorce.

Additional Tips for Starting Over

Even if you don’t stay-at-home, it is extremely likely that you share a bank account with your spouse, as well as credit cards and other types of accounts. Now you should open an account in your own name. You need to assess your credit score and the type of accounts that you may be able to open. You also need to make sure that you have a savings account, checking account and credit card in just your name.

You should not wait for your divorce to be final to do all this. You can start right now. When you open your individual accounts, it is a good idea to use a different bank than the one where your joint accounts are.

The absolute best thing you can do is hire a divorce lawyer in Coral Gables to help with the situation. If you need additional help or information, make sure to contact Miami divorce lawyer, The Estevez-Pazos Law Firm, P.A. today.

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The Estevez-Pazos Law Firm, P.A.

135 San Lorenzo Avenue, Suite 650
Coral Gables, Florida 33146
Fax: 305-234-7028
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