With our current economic situation, there’s a good reason why anyone contemplating divorce should hire an experienced Pennsylvania divorce attorney. One Pennsylvania woman, who considers herself to be luckier than most, had to move into a smaller house, pay her own mortgage while trying to support her three children, and also pay the tuition for her daughter’s college education. Such situations can be extremely stressful under the best of situations.
Most women in similar circumstances are unprepared for the financial hardships that they will have to face. And a downturn in the economy complicates the situation all the more. According to Carol Bixby, a senior financial officer and vice president of a lending institute, financial hardship, mortgage problems and high credit card debt are major contributors to divorce.
Couples now have accumulated more credit card debt on debt than in prior decades. The housing debt is now a much greater factor than it was before the housing bubble burst. Creditors are becoming increasingly reluctant to help individuals refinance their homes or provide alternate payment options.
Going through a divorce after a long term marriage can often mean that person will need to start life all over. Women that have now become the sole breadwinner for their family may have to return to school so that they can compete in today’s professional environment. Daycare costs are becoming increasingly exorbitant, and the costs of college education are going up. A prolonged divorce can exasperate the problem and that’s why good legal and financial advice is absolutely essential. There are mistakes that can be made during a divorce settlement that cannot be rectified.
Source: Reuters News, “Divorce stress meets recession mess, and women struggle,” by Lou Carlozo, Oct. 14, 2011
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