Mothers involved in a divorce or who are unwed often have specific concerns, such as their children’s safety and financial means.
Divorce leaves many mothers (particularly those who have stayed at home to raise their children) at an extreme financial disadvantage as they often face very different circumstances than fathers.
The financial strain, the reduced standard of living, the emotional turmoil and the stress associated with divorce and custody battles can be most severe for women.
Prior to and during family law proceedings, any woman involved in a legal proceeding should establish and address their specific issues. The outcome of a divorce case can be significantly impacted by early planning and knowledge of the divorce process in Singapore.
Money concerns faced by women
- Gather up important documents as you consider divorce, such as bank statements, tax returns, credit card statements, CPF account balances, shares and investments, and titles for the property you own.
- All joint credit cards and bank accounts should be closed. Consult your divorce lawyer first, but remember that you are both responsible for the balance of the joint account as long as it remains open.
- Start saving, even if you only have a few dollars to spare.
During and after the divorce:
- A new budget based on post-divorce income is essential to adjusting to life on one income instead of two.
- If you and your dependents are covered by your partner’s health insurance, make sure you do the same for yourself.
- One of the most difficult parts of a divorce is dividing assets. Stock options, club memberships, frequent flyer miles, and insurance policies are often overlooked assets.