Women in Connecticut who divorce are more likely than men to see a drop in their income and are at greater risk of ending up in poverty. For these reasons, women should be particularly careful about their finances throughout the divorce process. Before the divorce, they should make sure they have copies of financial paperwork, such as tax returns, bank statements and other documentation about their assets.
Women may also want to consider opening an account that is just for their use. Although they will need to reveal these assets during the divorce, it can help in paying for the divorce. Some people might also want to open a post office box so that there is a place to receive mail confidentially. People who have no credit or whose credit is poor may want to try to improve it. This can be done with a credit card that is used regularly and paid off every month.
Women should make sure they have a plan for health insurance if they are insured through a spouse. They may also want to create a post-divorce budget. Finding a place to live after divorce can be another financial concern. Finally, while women are often concerned about their children, they should take care of themselves. This can mean talking to a therapist or joining a support group.
If one parent gets custody of the children, the other parent may be required to pay child support. This is calculated based on income and other factors. If a parent does not pay the support ordered, there are legal avenues that can help. For example, a parent’s wages may be garnished. If a parent has a change in circumstances that makes paying support impossible, such as a loss of income, that parent may need to go to court and request a modification.