Women in North Carolina face unique challenges after divorce. Financial issues like being able to provide for their children and planning for their future schooling can hit women hard. Studies show that women, on average, earn 81% of what men earn. After divorce, they experience an average 20% dip in income as opposed to the 30% increase in income typically experienced by men. Divorce leaves women in poverty at a rate three times that of men.
Women are awarded custody in 90% of divorces. They have the financial responsibility to look after their children. Although a man may be required to pay child support, whether or they follow through is a different story.
Women can take steps to protect themselves financially before, during and after a divorce. When divorce seems to be on the horizon, a woman may want to open a checking or savings account that only they have access to. During the divorce proceedings, they may be required to tell their ex-spouse about the account. However, the account gives them money that they can use to get the divorce proceedings going.
It’s recommended that divorcing women close joint credit cards. This includes store cards and gas cards. As long as both individual’s names are on the account, both people are responsible for the charges. A woman may want to open credit cards that are just in her name as a way of building up her credit since it’s likely that her credit will take a hit after divorce. It’s wise to purchase necessary items and then pay the card off immediately.
A family law attorney may help a client learn about financial issues connected to divorce. An attorney may help their client with property division, property valuation and issues connected to custody. An attorney may also represent their client in court or be called upon to help their client prove that they are fit to have custody of their children.