Hagar and Phillips - Women Hit Hardest by Financial Surprises After Divorce

Financial Impact of Divorce

Ending an unhappy marriage has many benefits, allowing both people to move on with their lives. Most Tennessee divorcees find great happiness after their divorce, whether with a new partner or on their own. However, there is no denying the financial impact of divorce. Unfortunately, some financial surprises seem to hit women harder than men.

A survey from Worthy — an online marketplace — asked 1,785 adult women about financial surprises relating to their marriages and divorces. The group was a mix of women in one of three different life stages. The first included those ready to end their marriages, the second group comprised women in the middle of a divorce, and the third group consisted of already divorced individuals.

Financial Surprises for Women After Divorce

Although women older than 55 made up only 22 percent of respondents, most were already divorced. Of that same age group, 38 percent told Worthy that they had run into financial surprises in divorce. Approximately 50 percent of their younger counterparts reported unexpected economic issues. The reported surprises mainly were the same across age demographics, though, with some of the most commonly reported ones involving the size of marital debt. Many women were unaware of how much they owed for mortgages, auto loans, credit card debts, etc.

Financial Impact of Alimony

Women also tend to expect that child support and alimony will last longer or that the payments will be higher, which can skew perceptions of financial stability. To avoid any unpleasant shocks after divorce, women in Tennessee should be sure that they fully understand their finances. By taking the time to do so, they are more likely to reach a divorce settlement that empowers them financially for the future.

Contact Wilson County’s Trusted Divorce Attorneys

Going through a divorce is a difficult situation. No one should have to go through this challenging time alone. The attorneys at Hagar & Phillips are ready to fight for your spousal rights and defend your case in court. For more information on divorce cases, how the divorce process works, contact us, or to speak to one of our divorce attorneys about your particular case, give us a call today at 615-784-4588!

Estate Planning for High Net Worth in Tennessee

For Tennessee families and individuals with substantial assets such as family businesses, multiple properties, investment portfolios, or large retirement accounts, estate planning is about far more than a simple will. Without a careful strategy, your legacy faces serious risks: excessive federal taxes, lengthy probate delays, family disputes, and vulnerability to creditors or long-term care costs.

Read Post

Understanding Drug Charges in Tennessee

Drug charges in Tennessee represent some of the most serious criminal allegations residents face, with penalties that can range from months in jail to decades in prison. Whether stemming from a traffic stop on I-40, a workplace search, or a domestic incident, these cases carry immediate and long-term consequences far beyond the courtroom. For Middle Tennessee families, understanding the scope of these charges proves essential when legal trouble arises.

Read Post

Car Accidents in Tennessee

Car accidents happen every day, but when police turn serious crashes into criminal investigations, everything changes. What starts as a collision becomes potential felonies such as DUI charges, vehicular homicide, and leaving the scene, all of which threaten your freedom, license, and future. Here's what Tennessee drivers need to know when an accident requires criminal defense.

Read Post