Men and women can expect different things with regard to money after a divorce. For women, money was the number one concern going into divorce, outranking even their children. The London School of Economics has released research indicating that working women felt a drop in their incomes of 20% after divorce while men’s incomes rose by 30%. The poverty rate for divorced women is almost triple the rate for divorced men. Financial preparations for divorce include gathering important information like bank and credit card statements, retirement account documents, property titles and tax returns.
Divorce also causes turmoil in the lives of the children. Divorce preparations for children include letting their teachers and schools know what’s going on, arranging for them to meet with a therapist and encouraging them to be open and communicate their feelings. Additionally, divorce preparations should include determining who will live where and searching for a new place to live, if necessary.
A Michigan attorney may be able to help individuals who are going through divorce by examining their situation and preparing them for the divorce process. An attorney might identify and categorize the couple’s assets and liabilities or develop a strategy for property division negotiations. In cases that are contentious, an attorney might draft and file a child custody plan with the family court or argue on behalf of the client during divorce hearings.