Honesty. Integrity. Finality.

  1. Home
  2.  » 
  3. Child Custody
  4.  » What women should know about finances after divorce

What women should know about finances after divorce

On Behalf of | Nov 1, 2023 | Child Custody |

Illinois law allows anyone to pursue a divorce for any reason. However, it doesn’t mean that you will be free from the consequences of the decision to end your marriage. There are several financial ramifications that women may grapple with after their marriages end.

Raising children is expensive

Although parents of either gender can have custody of their children, women are statistically more likely than men to serve as the primary caregivers. Even if the other parent pays child support, the custodial parent must ensure that a child has food, clothing and other items at all times. Furthermore, it may be necessary to pay for emergency expenses and then ask the other parent to reimburse some or all of those costs.

Don’t overlook household expenses

Keeping the house in a divorce may seem like a smart idea as it allows you to have some sense of stability in a chaotic time in your life. However, the truth is that keeping the home can be a drain on your finances as you’ll need to pay holding costs as well as cover any routine or unexpected maintenance costs that come up. Ideally, you’ll only keep the house if you know that it is less expensive than renting an apartment or buying another home in your general area.

A divorce can cause serious damage to your emotional, physical and financial health. However, it may be easier to transition to life as a single person by obtaining assets in a divorce settlement. You may be entitled to a portion of the marital estate as well as alimony and child support payments from your spouse on a temporary or permanent basis.