Although it is important for both spouses to be financially knowledgeable, a family law attorney in Stony Brook New York can explain that women are often more vulnerable financially during a divorce. Although the dynamic of the mother caring for the children while the husband goes out to work has shifted, most women still make less money than their male counterparts. A family law attorney in Stony Brook New York can explain that even when women out-earn their spouse, they are more likely to leave financial decision-making to them.
For these reasons, it is important that women hone their financial literacy skills. During divorce, it is particularly critical for a woman to be aware of her financial position and outlook. She needs to know the value of assets, debts and incomes of both parties, individually and collectively. Without this knowledge, she may agree to a settlement that is not in her best interest.
Of particular concern to older women is how divorce will impact their retirement planning. If a woman took time off of work to raise children, her investment portfolio may be behind. A divorce attorney can help women consider the long-term impact of divorce and provide advice on how they can best approach the next stage of their life. For example, women may be emotionally attached to a home where they raised their children, but it may be in their best interests to sell off the property and use the funds for long-term goals like retirement.
