The United States economy continues to show signs of improvement. But as the economic outlook improves for some, many single moms are not feeling the effects and struggle to make ends meet.
Women compile nearly half the workforce and research reveals they receive more college and graduate degrees than men. Yet, on average women continue to earn considerably less than men. In 2015, female full-time workers made only 79 cents for every dollar earned by men, a gender wage gap of 21 percent. Women, on average, earn less than men in virtually every occupation for which there is sufficient earnings data for both men and women.
When it comes to divorce, Florida law requires an equitable, or fair, division of property and financial assets between spouses. Despite equal division of assets, most children live with their mothers. In fact, five out of six children live with their mother after divorce. That means women are sometimes left to cover additional living costs and other child-related expenses. This responsibly also impacts the hours single moms can work, and even the type of job they can take, leaving this specific demographic at an economic disadvantage.
Researchers estimate divorcing individuals would need more than a 30 percent increase in income to maintain the same standard of living they had before the divorce. For that reason, financial challenges are common after a divorce; approximately one in five women fall into poverty as a result of divorce. Sadly, approximately one in three women who own a home and have children at home when they divorce eventually lose their home. Research also reveals that three out of four divorced mothers do not receive full payment of child support.
The financial burden for women is greatest during the first year following divorce and varies depending on how much money they contributed towards the family income and the willingness of her former husband to make support payments.
If you are a single mom and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. Following a divorce, sorting through the emotional and financial devastation can take its toll, but know that you are not alone. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover.