A recent study has brought a concerning fact to light with respect to divorce: women often face substantial financial challenges after divorce. The myth commonly portrayed in movies and television shows women who “win” a divorce case resulting in big child custody, support and maintenance or maintenance payments. This new study points to a different reality. The experienced Louisville family law attorneys at Dodd & Dodd are intently focused on the best interests of our clients, and ensure that settlements in a divorce achieve the best possible results for our clients based upon their goals and objectives.
A look at the numbers here in Kentucky shows that our Courts tend to divide property and assets fairly evenly, especially as the duration of the underlying marriage increases.
Perhaps the most troubling statistic cited by the study is the poverty level of the parties following a divorce. Almost 27% of women fall into the “poverty” spectrum of the financial analysis while only 9% to 10% of men experience the same challenge. The study points to an obvious difference in income between women and men prior to and following a divorce.
One important factor demonstrates mothers tend to care for children who are ill after a divorce, causing them to miss work. This impacts earnings in a way that is not offset by child support or maintenance (often referred to in the past as maintenance).
There are many financial factors that a Louisville divorce should take into account, and stories portrayed in the media seldom seem to reflect reality. Child support is usually initially calculated based upon Kentucky guidelines. Spousal support or maintenance is much less regulated, and the quality of your divorce attorney will make a significant difference in these cases.
The recent study shows women often face substantial financial challenges after divorce due in large part to the differential in earning capacity and the lack of the other partner to pay enough child and maintenance to create a sustainable lifestyle.
Here in Louisville, our Courts do everything possible to level the playing field and put the parties in relatively the same financial condition. The reality for many divorcing couples is the cost of two separate households may significantly reduce their standard of living.
