Financial support can relieve women’s financial burden in divorce

Financial support can relieve women’s financial burden in divorce

Men and women alike face unique challenges during divorce, but a report indicates that many women in Illinois face more burdens than their exes. This is not the result of just one factor but of many, ranging from finances to child custody. Although financial support such as alimony might help relieve some of this burden, it is not necessarily enough.

Money is the largest concern among women going through divorce, in part because they earn an average of 81% of the median male income. Compared to men, women also suffer much larger drops in income after divorce, around 20%. Men see their incomes go up at least 30%, sometimes more. This means that women must be as prepared as possible for divorce, such as taking steps to save money in personal accounts, improve credit scores and close joint credit card accounts when possible.

Judges may still be more likely to award custody to mothers, which creates another source of financial stress. The various costs associated with raising a child can quickly build up, and the majority of divorced mothers are concerned that they do not have the financial resources to fully support their children’s well-being. This concern extends into the future too, with mothers frequently worrying about how they will provide financial support for college.

These are legitimate concerns that all women in Illinois should carefully consider both before and during divorce. However, this should not worry anyone to the point where he or she no longer feels confident in the decision to divorce. Taking proactive measures to address these concerns is usually an effective way to minimize unwanted outcomes, which includes steps such as educating one’s self about options for securing financial support.

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