When people in Georgia decide to divorce, the financial effects of ending a marriage can be some of the most difficult to deal with, even beyond emotional and practical concerns. Ending a marriage can force difficult financial reckonings for both spouses, especially when it comes to learning the full extent of family debt and making changes to support fiscal sustainability as a single person. One recent study of 1,750 divorcing women looked at the kind of financial surprises that can accompany a divorce, especially as nearly half of the participants said they faced unexpected changes.
Many of the divorced women were surprised and taken aback when they learned about the full state of family finances during the divorce process, particularly in terms of credit card debt, outstanding mortgage debts, auto loans and other debts. For women who had been stay-at-home mothers and wives, they often struggled when returning to the workplace. They were at times unable to achieve the salaries they desired or faced career setbacks due to years away from the office. In addition, transitioning away from reliance on spousal support payments or child support was also financially difficult in many cases.
Of course, people in the workforce reported some significant financial surprises as well, including added healthcare costs and the division of their retirement accounts. A large number of the divorced women emphasized a strong priority on rebuilding their retirement and investment portfolios after the end of their marriages, although Generation X and millennial women often de-emphasized this concern.
Divorce can be a time of significant financial changes and difficulties. During this time, a family law attorney might help a divorcing spouse to understand the financial impact of the ongoing changes and advocate strongly for a just settlement that addresses key concerns like property division and spousal support.