When couples decide to end their marriages, they typically encounter a host of financial changes, along with the obvious life changes to which they must adjust. Finances become a particular challenge for those who divorce later in life, as they are nearing or are already in retirement. Women in particular typically face greater financial challenges than men for a variety of reasons. Here are some tips divorcing women in West Virginia can take to ensure they are taken care of financially for the future.
Financial challenges
Women typically make less than men, even in the same roles. In addition, women are often the ones to stay at home and take care of children, and many play little or no role in the household finances. As such, women can be in a precarious position post-divorce, and they will typically have to share half of the marital assets with their former spouse.
To address potential financial pitfalls, women should take stock of their finances, make a plan for how to maintain a certain standard of living after the divorce and invest wisely. If they are professional women, they should take advantage of their employer’s 401(k) and contribute the maximum amount each period. It is also a good idea to speak with a financial consultant who can help them make prudent financial decisions.
Seek a fair settlement
Since the majority of marital property will be subject to division in divorce, women should work closely with an experienced family law attorney to help them protect their rights and interests and obtain their fair share of assets. Working aside legal counsel, they should negotiate firmly but fairly, and they should have a plan for what they will need going forward with regards to money. By implementing these strategies and working with a compassionate attorney, women in West Virginia can increase their chances of obtaining the best possible settlement possible regarding assets, finances and martial property.
