On Behalf of Palacios Law Group
One of the biggest issues women worry about after divorce is their finances. This is a valid concern that can make it difficult for some women in New York to pursue divorce, even when it is otherwise the best option for their situation. However, no one should put off ending an unhappy marriage because of financial worries. Here are a few things to keep in mind when dealing with this sensitive family law matter.
While there are always exceptions to the rule, women generally earn less than men. During 2018’s fourth quarter, men employed full-time or on salary earned an average of $991 per week. Women in the same situation earned only $796. As such, women tend to see a far greater reduction in household income than men do. Debt is another complicating factor when it comes to post-divorce finances.
Like other forms of marital property, joint debt has to be divided up during divorce. The divorce decree should lay out which person is responsible for repaying which debts, but creditors typically do not honor this type of division. If one person decides not to pay off a debt or falls behind on payments, both people will see the impact of those actions on their credit scores. Creditors can also come after both individuals for repayment regardless of who the divorce decree says is responsible.
There are a number of ways to combat a reduction in financial stability after a divorce, including minimizing expenses and making careful, measured decisions during property division. However, when it comes to splitting up marital debt, the problem can be a bit more tricky. An experienced family law attorney in New York can provide more detailed guidance regarding this topic.