Quatela Chimeri, PLLC

Survey reveals women hit with financial surprises after divorce

Ending an unhappy marriage is quite often the right decision for New York couples who are unable to rectify serious issues. However, while most people understand that there are potential financial consequences of divorce, one group of people seems to be hit hardest of all. A recent survey revealed that many divorced women were surprised by the financial toll of leaving their ex.

The online survey from Worthy found that 46 percent of women who had experienced a divorce also dealt with significant financial surprises. Of the survey's 1,785 respondents, 22 percent were over the age of 55. Divorcees in this age group may have a more difficult time recovering from unexpected financial blows.

One of the biggest surprises women face during divorce is discovering just how much marital debt there is. Many of the women surveyed were unaware of the total sum of their mortgages, auto loans, credit card debt and more. The discovery of how much debt there is often snowballs into other unexpected realities, such as the likelihood of returning to the work force or having to sell the family home.

This is not to say that women enter this process blindly. Indeed, women of all ages reported their number one fear for life after divorce was finding a way to live on a single income. However, financial goals differed among age groups, with those older than 55 reporting a serious concern about their future retirement at a rate of nearly twice that of millennials.

Financial surprises during and after divorce are not at all exclusive to one gender. However, many women in New York seem to feel the effects of shifting financial responsibilities quite deeply, which may impact how they choose to act during divorce, particularly when it comes to asset division. The cost of maintaining certain assets or property -- such as a marital home -- may not be as realistic as some previously thought. Still, most people can reach an agreeable settlement that lays a strong financial foundation for both parties.

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