Divorce and Financial Anxiety Are Not a Good Combination

On Behalf of Law Offices of Thomas Maynard Dec. 6, 2019

The end of a Tennessee marriage can cause immense sadness and heartache as the dream of growing old with one’s partner is no longer a reality. Other emotions may enter into the situation including anger and resentment. Add the stress of a financial settlement in the divorce and one has a recipe for the opposite of happily ever after.

The financial settlement can be hard on both parties, but in a country where women still earn on average 80% of what men earn, it is not unusual for women to feel the financial strain more acutely. Additional data that support this include a 20% decline in income following a divorce and a poverty rate of 27% for divorced women. It is small wonder that money issues are sometimes even a larger problem than concern for one’s children.

There are steps that women can take to improve the financial outlook. Coming up with a budget can help to get a handle on a more accurate financial picture. It is also important to boost one’s credit score as much as possible. Obtaining a credit card in one’s own name only and paying it off every month can go a long way to improving a person’s credit score. Putting away money, even if only a small amount, can also help provide more financial security and decrease the stress.

Divorce is hard and one of the best things a woman can do for herself and for her children is to look after her own mental and physical well-being. Financial stress can lead to anxiety and that can affect one’s mental outlook. Discussing the situation with an experienced family law professional in Tennessee can help ease the anxiety and help one to see a positive path forward.