When preparing for life after a divorce, Texas women may need to take extra care of their financial health. Divorce doesn’t only affect the emotional ties that bring a marriage together. It affects a wide variety of financial issues.
Following a divorce, adjusting to the new financial climate solo can be a major change in anyone’s life. The situation is different than it was for women decades ago, as fewer women are stay-at-home moms and more women have strong careers. However, in general, after the end of a marriage, women’s average household income drops by 41 percent. This is almost double the decline experienced by men.
Because women overall earn less money than men do income inequality can have a big impact on women’s lives after divorce. Gender expectations also play a role, as care-giving demands can consume women’s lives and prevent them from dedicating extra hours at the workplace. In addition, many women still play a secondary role in financial leadership and management of the household.
This doesn’t mean that the financial picture after divorce is all bleak. Many women’s situations are very different and involve high-powered careers. However, even those women will need to alter their budgets after a divorce, as budgeting for a single residence and monthly costs can be quite different than for a shared home. Of course, child care costs and child support require a good deal of attention in order to ensure the children have adequate funds. All of these things can be taken into account when the attorney representing the divorcing woman takes the lead in negotiating a divorce settlement agreement.