Filing for divorce could be necessary if a marriage is failing. Many Nevada women d so because they have been subject to mental, physical or financial abuse. Divorce may allow someone to start over, but there could be serious issues that newly single life brings. Women might face financial concerns when changing from a two-income household to single-income living.
Divorce, women and financial considerations
The financial implications of divorce may lead to women experiencing significant struggles. According to the U.S. Government Accountability Office, a woman’s household income may drop by upwards of 41 percent. The reduced income could make life challenging since affording necessities, such as rent and food, might become difficult. The expenses increase when the household includes children.
Sometimes, other responsibilities may fall behind because of limited funds. Taking care of maintenance and upkeep of the household might not be a top priority when covering the expenses of food and childcare is at the forefront of someone’s mind. However, there can be consequences for not addressing the upkeep of a property.
Further financial concerns
Financial struggles may worsen as someone ages. Women looking ahead to their retirement years might worry about their savings and ability to afford living expenses. Addressing such concerns during divorce negotiations may provide a partial solution.
Negotiating a reasonable and equitable divorce settlement could help mitigate specific financial issues. Procuring at least temporary spousal support may help the newly single person until they find a self-supportive income. Reasonable amounts of child support may help as well.