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Women must delve deep into financial matters in divorce

Historically, men handled marital finances. In recent years, the tide has begun to change. Still, many women find that they are facing some shocks related to finances when they get a divorce. A recent study done by Worthy proves to be very enlightening.

It encompassed 1,785 women who were either on the horizon of a divorce, in the midst of one or already divorced. Of those, 46 percent said that the process came with some financial surprises.

When questioned about money matters during the marriage, 22 percent or women reported that their husbands had full control of long-term finances, but 51 percent said they paid the household bills. No matter how money is handled during the marriage, a divorcing woman needs familiarize herself with the marital finances.

Here are six notable financial concepts women should understand:

  • Divorce costs are often underestimated
  • Being clueless about the marital debts is expensive
  • Support payments typically end and are rarely enough to get by
  • Most divorced women will need to earn an income
  • Don't assume they can remain in the marital home
  • The high cost of health insurance is a significant factor in settlement negotiations

Taking charge of finances is necessary if you are ending your marriage. Not only do you need to know about the state of these matters for the property division portion of the divorce, you also need to ensure that you can handle your money when the divorce is done. Even if you haven't handled any finances, understanding all of these points can take some of the stress off of you.

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