A 2015 study published in Psychology Today says that women initiate divorce 70 percent of the time. However, new statistics from CNBC say that women are not financially prepared for divorce. This combination makes the end of marriage among the top challenges women will face in their lifetime. How can women be more prepared for divorce on their terms?
Access to legal and lifetime resources
According to CNBC, 80 percent of women do not have a plan if they were to become “suddenly single.” Financial experts speculate that because women are less likely to be the primary earner in the family, they are less likely to lead conversations about how to manage long-term wealth.
The financial implications of divorce extend beyond just the legal process itself. If women have fewer financial resources while going through a divorce, they may not be prepared to fight potentially lengthy legal battles related to property division and child custody. Laws related to the division of community property and child custody may only go so far in earning a favorable outcome in certain situations.
Temporary orders can help
After a couple decides to end their marriage, there is almost always a waiting period between separation and the finalization of divorce. This period of time can vary from a couple of months to a few years depending on the complexity of the family’s situation. During this time, women can use temporary support orders to secure access to resources such as:
- Bank accounts
- Use of property like a home or car
- Insurance coverage
- Alimony
- Child custody
- Restraining orders
Put simply, temporary support orders help women maintain some semblance of lifestyle until a permanent plan can be worked out between the spouses. Temporary support orders can also control how a spouse uses money or property throughout the process. A spouse who earns more money than the other may feel like they can use it to manipulate things in their favor, but temporary orders can protect women who may not be financially prepared.
As the divorce proceeds, a judge may have to determine a fair settlement based on community property laws and the well-being of children. Who decides what and how long that might take depends on what kind of divorce a couple wants.
No matter what a woman chooses in divorce, it is important that each spouse is prepared to meet its financial challenges.
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The Law Office of Natalie Gregg is located at 1420 West Exchange in the heart of Allen, Texas. The firm’s family law attorneys serve clients throughout the North Texas counties of Collin, Dallas, Denton and Tarrant.
The Law Office of Natalie Gregg
The Law Office of Natalie Gregg
1420 W Exchange Pkwy
#190
Allen, TX 75013
Tel: (972) 829-3923
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