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Financial literacy may become concern after filing for divorce

Many people, including some in California, lack the financial literacy that could help them in many areas of life. Commonly, when people are married, they allow one spouse to handle the finances while the other has little or nothing to do with expenses. While this arrangement may seem fine for a time, it can be jarring after filing for divorce.

After divorce, individuals will likely become responsible for their own financial well-being. In a recent survey involving divorced or soon-to-be divorced women, participants indicated how finances were handled while married. Apparently, 23 percent of women in the age range of 18 to 54 allowed their husbands to have financial control. With women in the 55 and over age range, only 18 percent allowed their husbands to solely handle their finances.

Understandably, if individuals did not have a hand in handling finances during marriage, they will likely feel apprehensive about addressing them on their own. The survey indicated that the biggest fear among participants was having to live on a single income. The second most common fear was the cost of the divorce itself. Both of which are valid concerns.

Becoming more financially literate and learning how to save on costs after filing for divorce -- including legal ones -- could help California residents feel more at ease. The process may be long and difficult, but individuals at any age can become more financially knowledgeable and help themselves keep their financial futures bright. If individuals are concerned about how to reach the best outcomes in their divorce proceedings and options for less-costly divorce, they may want to enlist the help of experienced attorneys.

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