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Commonly Asked Questions about No Debts Divorce

Below are some crucial financial steps to take post-divorce to start living your life the way you want as soon as possible. Reassess Your New Income. Decide if Keeping the House is Financially Feasible. Find Affordable Housing. Build Your Personal Credit. Practice Minimalism.
Michael Jordans divorce in 2006 after 16 or 17 years from Juanita Jordan, $168 million ($254 million inflation adjusted). Boris Berezovskys divorce in 2010 after 18 or 19 years from Galina Besharova; estimated at $160 million ($224 million inflation adjusted).
Though men can feel financially stressed after the divorce because they may have to pay alimony, child support, move out to another home, and generally spend more every month, many studies suggest that the economic impact of divorce adversely impacts women more than men.
Willardson pointed to a statistic from the Government Accountability Office which reports that, after a divorce, a womans household income drops by an average of 41%, almost twice the income drop experienced by men.
Once your divorce is final, there are several steps you can take to help protect your financial future. Establish separate accounts. Determine your post-divorce income. Set your new household budget. Start your own retirement plan. Decide what to do with the house.
Following a divorce, women are more likely to be impoverished than men. Women whose family income was below the national median and mothers who were not in the workforce before the divorce are very likely to experience poverty following their divorce. Economically, women suffer more from divorce than men.
Most commonly, spouses have to go from supporting one household to two and this is usually all you have to explain. Sometimes, there are additional costs for one of the parties resulting from the divorce (like child support or family law attorneys fees) that can be mentioned as part of the financial hardship.