There are a range of sudden financial changes that accompany divorce. Often, people in Tennessee find it more difficult to move past the financial aspects of the end of a marriage than the practical or even the emotional aspects. In fact, divorce is often the occasion for financial surprises that can change a person’s perception of the financial health of the marriage or his or her plans for the future. One study interviewed 1,785 divorcing or divorced women and found that nearly half experienced major financial surprises.
For women who had been stay-at-home mothers or wives, returning to the workforce after divorce often came with its own financial shocks. Many experienced career setbacks as a result of years away from the job or were unable to garner the salaries they expected. In other cases, working women experienced a cut to their paychecks as a result of needing to obtain healthcare as a single person. For people who received spousal support after their divorces, transitioning away from reliance on these funds could be particularly challenging, especially as many reported that the payments ended more quickly than they anticipated.
In many cases, people learned a lot more about the state of their marital finances. Many women said that they were unaware of the full scope of marital debt, including credit-card debt, home mortgages, auto loans, 401(k) loans and other debts. The division of retirement funds was another significant issue, and many women reported immediately dedicating themselves to improving their retirement savings after going through that process.
Divorce can be accompanied by major financial changes for any divorcing spouse. A family law attorney can help people to understand their family finances and how divorce will affect them. A lawyer can advocate for their clients’ interests by working to achieve a fair settlement on key matters like property division and spousal support.