Financial Worries One Reason People Don’t Get Divorced

 Posted on July 20, 2013 in Family Law

You may hear of many more people staying in an unhappy marriage than divorcing and starting over. According to a new study by a UK law firm and reported by the Huffington Post, “the number-one reason unhappy spouses stay together is because they lack the courage to divorce.” Just about 20 percent of the 2,000 people surveyed in the study “said they felt trapped in their relationship but would not consider a divorce unless financial stability could be guaranteed.” Being financially solvent after a divorce is one of the most common concerns and reasons that people shy away from it—but with the help of a qualified family law attorney, even with initial legal costs, you could end up saving money in the long run and figuring out a financial plan that works for you in your newly single life.

The importance of figuring out post-divorce financials is especially pertinent if you’re a woman, and your soon-to-be-ex husband was the primary breadwinner in the relationship. According to Forbes, there are several steps that women can take to ensure financial stability, even after a debilitating divorce. The first is to update all accounts. This may mean changing the name on accounts if the woman decides to go back to her maiden name. Accounts are varied, and don’t just involve money—also your “utility companies, insurance companies, credit card companies, the motor vehicle department, your children’s school(s), etc.” Titles on all assets, such as houses and cars, will also have to be changed. Ensuring that all this mundane paperwork is in order is the most important first step toward financial stability post-split.

You’ll then have to work with an experienced divorce lawyer to “develop a comprehensive financial plan,” and begin to build your credit. It all may seem daunting, but according to the British study, “although divorce can be scary, staying in a broken marriage can be detrimental to both the spouses and their kids,” despite prevalent and valid financial concerns.

If you or someone you know is considering divorce, don’t go through it alone. Contact a dedicated Chicago-area divorce attorney today.