Divorce is a challenging and emotional process for anyone, but for women, it can have long-lasting financial implications. Women often face challenges when it comes to asset division, spousal support, and child custody. However, in some US states, divorce laws provide more protection for women and ensure that assets are split fairly. In this article, we will explore the divorce laws in each US state, with a special emphasis on the six states where assets are split 50/50, and discuss their financial impact on women.
Divorce Laws
Divorce laws in the US vary significantly from one state to another, and it is essential for women to understand their legal rights and protections in their state to ensure they receive a fair settlement in their divorce proceedings. One of the most critical issues in a divorce is asset division, and in the six US states where assets are split 50/50, women are more likely to receive a fair share of the marital property, which can provide them with greater financial security and stability after divorce. These states are California, Washington, Idaho, Wisconsin, New Mexico, and Texas.
Spousal Support
Apart from asset division, spousal support or alimony is another issue that can affect women after a divorce. In some states, alimony is awarded based on a variety of factors, including the length of the marriage, the earning capacity of each spouse, and the standard of living during the marriage. In other states, alimony is not awarded at all. Child custody is another issue that can have a significant impact on women after a divorce. In most cases, the primary caregiver of the children is awarded custody, which is often the mother.
Financial Consequences
For women, divorce can have significant financial consequences, particularly if they are not the primary breadwinners in the household. In states where assets are not split equally, women may receive a smaller share of the marital property, leaving them at a disadvantage when it comes to starting over. Therefore, understanding divorce laws and their financial impact is essential for women, especially if they are planning to file for divorce.
Bottom Line
In conclusion, divorce is a complex process with long-term financial implications for women. Understanding divorce laws in your state is crucial to ensure that you receive a fair settlement in your divorce proceedings. The six states where assets are split 50/50 provide women with more protection, ensuring that assets are split fairly, and this can provide them with greater financial security and stability after divorce.
Are you currently going through a divorce and would like to get some financial guidance? Please feel free to reach out to us via our contact form, Twitter or Facebook. At LexION Capital, our priority is to make our clients’ financial goals a reality by providing hands-on wealth management solutions, backed up by science-based insights into the financial industry. We help you maintain well-diversified investment plans. Should you need help in the aspect of financial growth, please visit my company’s website, LexION Capital.
Elle Kaplan is the founder and CEO of LexION Capital, a fiduciary wealth management firm in New York City serving everyone who feels left out by traditional “Wall Street”, including women and the families they love.
