Getting a divorce is difficult enough without experiencing money problems on top of it. Unfortunately for many residents of Tennessee and elsewhere, financial peril is common after a divorce. As you may already know, this can be especially true for women.
Forbes explains that in a survey conducted by Worthy, 46% of women claimed their divorces came with unexpected financial complications. Many women were caught unprepared after their divorce because their husbands controlled the finances during the marriage. However, some or all of the following reasons for post-divorce financial struggles may pertain to you:
- Not realizing you would have to return to the workforce, if you stayed home to care for the children
- Underestimating the cost of health insurance
- Not being aware of how much marital debt you have, including the mortgage, auto loans, student debt and credit cards
- Believing you would receive more in alimony or child support, or that the payments would last longer
- Not knowing how much a divorce would cost
There are additional challenges that women often experience after their marriages end, such as adjusting to having only one income and trying to make ends meet while also raising their children. If your financial problems seem insurmountable after your divorce, you have options that can relieve some of your burden, such as filing for bankruptcy. In addition to starting your life over, a Chapter 7 bankruptcy discharge may also give you a fresh financial start. This information, however, should not replace the advice of an attorney.