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Divorce poses special problems for women

Marriage is a partnership from both an emotional and an economic standpoint. When this type of partnership ends up dissolving in the state of Texas or elsewhere, the financial lives must become untangled, all while both parties emotional lives are likely in turmoil. As a result, it is often easy to make poor financial decisions during divorce proceedings.

Women, in particular, face some significant problems following divorce. After all, they usually live longer than men do. It is important to take this into account when making financial projections with the help of a financial planner during a divorce proceeding.

In many cases, women have worked only part-time while taking care of children or have focused on rearing their children full-time. These women may have to consider investing in themselves through education and training to boost their earning potential following the end of a marriage. In other cases, women are the sole or primary breadwinners of the family, thus switching the dynamic regarding who will pay spousal support in a marital dissolution.

Finances can be complicated to divide during divorce, particularly if two parties cannot see eye to eye on how to split the family home or a retirement account, for example, or on whether spousal support should be paid. If they can work through their issues by means of a collaborative divorce or mediation sessions, they may be able to reach a mutually satisfactory settlement outside of court. Otherwise, property division will be determined by a judge in the state of Texas, and the outcome may not be exactly what either would have wanted.

Source: startribune.com, "Specialists help to navigate financial split in divorce", Brad Allen, Feb. 25, 2017

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