In Missouri, both during negotiations and after the divorce, it is critical to engage in preparation and financial planning for the future. In the family law process, this is perhaps a more common concern for women than men. Women often run into problematic financial concerns during and after the divorce due to the inevitable hardship that comes from splitting up the parties’ income and not sharing anymore as a family unit.
A wife may find it more necessary to seek extra income to survive. Where there are minor children, a mother’s historical role as parent may be more demanding than that of the father. Further, the impact of the divorce, in a financial sense, can be harsher on the wife than on her counterpart. A study at the University of Missouri College of Health and Environmental Sciences concluded that women tend to struggle financially more than men.
The researchers concluded that risk tolerance contributes to wealth accumulation and retirement planning. However, the study showed that husbands are more experienced and accessible to that kind of tolerance. It may therefore be prudent for a wife to obtain the services of a financial planning expert who specializes in divorce planning.
That strategy may help to level the playing field. The wife’s ability to effectively manage the divorce process will begin by her becoming knowledgeable about the couple’s financial picture. Learn about all assets, liabilities, tax impacts and budgetary needs going forward. Retirement plans and investments must be discussed and implemented where they do not already exist.
It is often necessary to assure that the higher-income spouse have an insurance policy on his or her life so that child support, alimony and support payments will be covered in the event of that person’s death. Preparations must be made for health coverage if it is terminated for any reason. These considerations may generally be more pressing for the wife in a typical divorce proceeding in Missouri. These family law considerations may see the shoe reversed on occasion in this age of gender neutrality and equality, making the needs expressed more crucial to the needs of the husband.
Source: divorcedmoms.com, “The Truth About The Financial Risk Of Divorce For Women – Divorced Moms“, Lidia Staron, May 24, 2018