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Financial Tips for Women Going through Divorce

Financial Tips for Women Going through Divorce

For many people, divorce can be expensive. Between the legal fees and tax implications, the average divorce in the United States costs about $20,000. Furthermore, many people make some key mistakes during the divorce process that can cost them even more in the long term.

The following are some common financial issues women should be aware of as they approach divorce:

  • Don’t wait for child or spousal support money: Many women fail to realize that if they are seeking alimony or child support from their former spouses, they do not have to wait until the divorce is finalized to receive it. They may request a consent order to provide temporary support until a more permanent agreement may be reached.
  • Separate accounts as soon as possible: When a divorce is impending, some individuals may spend money and rack up debt, knowing that his or her former partner will have to share that debt. To avoid this issue, be sure to separate your accounts as soon as you can, and open up new accounts in your name alone.
  • Figure out health care: If you are on your spouse’s health insurance plan, you may have the option of keeping that policy as part of the divorce negotiation process. If that’s not a good option, you need to start thinking about how you will approach health care for both you and your kids, if needed.
  • Make a plan: A divorce can significantly disrupt your financial situation, and there are some short-term costs that can pile up if you’re not careful. Be sure to budget accordingly and borrow money from a family member or friend if you need to cover some expenses during or immediately after your divorce.

Couples More Likely to Get Divorced Upon Returning from Family Trips

According to research from sociologists at the University of Washington, divorce tends to be much more likely after couples get home from family vacations. It’s perhaps one of the primary reasons why divorce rates tend to spike in January and August of each year—those are the times right after the holidays and at the end of kids’ summer vacations, respectively.

There are numerous reasons why this might be the case. Couples may try to hang on to their struggling relationships through a family vacation, sometimes believing that the trip will help them reconnect. Or, they may wish to provide the family with one last positive experience before pursuing divorce. Regardless, problems in a relationship rarely go away with a vacation.

Vacations, holidays can expose underlying issues

According to the University of Washington study, vacations often highlight the tensions and conflicts couples near divorce are experiencing. There is also the factor of people having high expectations as the holidays or a vacation approach, which can make the letdown even greater once the experience is over and the relationship is still in turmoil. Meanwhile, despite the hope and excitement of the holidays, it can also be one of the more stressful times of the year, exacerbating existing conflict in a relationship.

Free Consultation with Divorce Lawyer in Utah

If you have a question about divorce law or if you need to start or defend against a divorce case in Utah call Ascent Law at (801) 676-5506. We will fight for you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506