Couples who get divorced in Pennsylvania may struggle with finances after separation. According to a 2008 study conducted at the University of Essex, divorce may affect women’s income more adversely than men’s. The study found that women’s income decreased by about a fifth after divorce while men’s income increased by about a third.
A new study conducted at Boston University found that divorced women statistically were better off financially than women who had never been married. One key factor was that women who had been previously married were more likely to own a home.
Some financial advisors and lawyers have criticized the study because owning a home after divorce may not be the best financial choice for everyone. There may be costs associated with keeping the marital home that would not be incurred otherwise. This is especially true if the home is in need of repairs or renovation.
There are many factors to consider when deciding to keep the marital home. For example, one question individuals who are dividing assets in a divorce should ask themselves is whether or not they will be forced to dip into retirement savings. It is important to consider long-term financial goals during a divorce.
An attorney experienced in family law litigation may be able to assist clients who are contemplating divorce. When consulting an attorney, it is important for clients to provide as much information as they can about their finances.
An attorney may be able to assist clients with obtaining child custody, child support, alimony and favorable division of assets. When there is a discrepancy in income, a judge might order one spouse to pay spousal support on either a temporary or permanent basis. A judge may look at factors such as the length of the marriage, the requesting spouse’s education level and work experience and the other spouse’s ability to pay support.
