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Don't Be a Financial Victim of Divorce

It’s often the case that women getting divorced become financial victims. This is often due to some misguided priorities, so it’s important that if you’re facing a divorce, you start focusing on empowering yourself – financially. Developing a different relationship with the way you handle money can be difficult. And while it’s important to think about the division of marital assets, it’s also important to think about long-term financial security.

Alimony

A lot of women turn their attention to alimony. While there’s nothing wrong with this, there might be an issue with obsessing about alimony to the extent that you ignore self-reliance. Remember – you may not receive all the money, and in extreme cases, some husbands try to get out of paying child-support and spousal-support obligations. You also need to remember that alimony can end – often there are set total amounts and durations.

Self-Reliance

If you’re already working, there might not be as much need for alimony, but if you haven’t considered taking a job, you might want to now, or at least start planning for the reality of it. If you’re getting divorced in your 30s, 40s, or 50s securing a job or increasing your existing income will make a significant difference to your long-term financial plan. This will also ensure that you’re not waiting for the monthly alimony check to arrive.

Independence

Part of establishing a life post-divorce is establishing not only self-reliance, but also financial reliance. Depending on your ex-spouse for money is still dependence. Finding an answer to that issue can help you establish the independence and freedom you need after divorce. So, if you’re facing a divorce, take this time as an opportunity to claim your own financial power. It might be the best “wake-up” call you’ve received yet.

Source: ABC News, How Women Can Keep From Making Themselves Victims in Divorce, September 4, 2014

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