Even if you are in a financially secure marriage, going through a divorce can seriously affect your cash flow and access to assets in the future. Those who are over-trusting of their divorcing spouse are especially vulnerable to being a victim of a poorly planned divorce.
The risk of financial struggles is never a reason to avoid divorce. Becoming single if you are in an unhappy marriage is wise for your mental well-being, and it could also lead to a healthier financial situation if you plan your divorce well. The following is an overview of why poorly planned divorce is a cause of homelessness and what you can do to prevent financial struggles.
How divorce can lead to homelessness
In households with only one income and an imbalance of power, divorce could lead to a toxic situation. The person who earns less or has fewer assets may back down and simply decide that they don’t want to fight in court with their toxic spouse. However, doing this could lead them into a vulnerable position. They will no longer have stable accommodation, an income or any significant assets.
Know your rights
One of the reasons why divorce can lead to homelessness is that people do not understand their rights. When you are going through a divorce, you have the right to a fair share of the marital property, and you may also be entitled to spousal support. Make sure that you understand your legal rights and that you stand up for them.
Don’t be bullied
If you are trying to divorce a toxic or bullying spouse, there is always support available. You may be able to file orders of protection against them if the abuse is severe.
The law is in place to protect divorcing spouses and make sure that they do not suffer as the result of a divorce. Take action to get a fair financial outcome as part of your divorce settlement.
