Who Loses More in a Divorce?

 Posted on November 12,2024 in Family Law

While every divorce outcome is unique in some way - and while divorce outcomes for women have improved - women still tend to lose more during a divorce than men. About a quarter of women will fall into poverty after divorce. Health insurance will be lost for about 25 percent of women at least for several months following the divorce.

A staggering 75 percent of divorced mothers who are receiving child support do not receive the full amount ordered by the court, and 33 percent of those who have children and own a home will face foreclosure proceedings. The financial burden is greatest during the first year after divorce. Many women will struggle simply to pay for shelter, food, and other necessities and could end up on public assistance.   

Some men may experience a 10-40 percent drop in finances following a divorce, often due to having a separate home, paying child support, and other divorce-related expenses, but overall, they fare better financially than women. If you are worried about your financial future following your divorce, speaking to a knowledgeable Lombard, IL divorce attorney from Mevorah & Giglio Law Offices can be beneficial.

What is the Impact of Divorce on Credit Scores?

Credit reports do not care whether you are married, single, or divorced. What credit reports do care about is how joint accounts are handled during the marriage. This can impact your credit after the divorce as you try to establish credit in your own name.     

If you are listed as an authorized credit card user, you are equally responsible for the debt, even if you never used the card. This is true even if you had no idea your spouse had it or had put your name on it. The debt must be paid, then the account must be closed to ensure your name is removed.

As long as the account is open, even if the debt was paid in full during the divorce, your spouse could run up more debt, leaving you liable for that debt. Make sure you check your credit score and the debts in your name before your divorce is final and then periodically after the divorce.

What Are Some Other Costs Associated with Divorce?

Depending on the complexity of your divorce, it can cost thousands of dollars – or even tens of thousands. This can further damage your financial future.  Some of the costs you may face during your divorce include:

• Court filing fees
• The cost of transcripts and other courtroom expense
•  Legal fees
• The fee for a process server to serve your spouse with the Divorce Petition
• A real estate appraiser fee if you and your spouse have property that must be split or valued.
• An evaluator for the allocation of parental responsibilities
• If a business is part of your marital assets, you may pay for a business valuation, a CPA, and other professional fees.
• Expert witness fees

How Will Your Divorce Affect Your Home Ownership?

You may need to sell your house and divide any profit you make or refinance your mortgage to release your spouse (or vice-versa if your spouse will keep the house). In some cases, if one spouse wants to keep the marital home, he or she may trade other assets that equal the other’s equity in the home. Following your divorce, purchasing a home on your own can be difficult, as your income may be less, and your credit may be less than perfect.   

Contact a DuPage County, IL Divorce Lawyer

While a family law judge's objective is to divide marital assets fairly, it can be difficult to factor in the social pressures that shape women's career decisions. Many women work to put their partner through school, foregoing their own careers.

Women are also more likely to stay home with the children, leaving a gap in their own work history. Speaking to a Naperville, IL divorce attorney from Mevorah & Giglio Law Offices can ensure you are clear about your options during the divorce. We are a large firm with more than 175 years of combined experience. Call 630-932-9100 to schedule your free consultation.