» » » Assessing the Potential Effects of Divorce on Future Credit and Earning Power

One fact many people overlook when they file for divorce is how the decision will affect the future employment opportunities and earning power. This is certainly not a problem that will affect everyone, but it can certainly have a substantial effect on some divorcing couples. The divorce will not necessarily have a direct affect; the problem will come into light when credit issues or decreased profitability in your company develop as one of the effects of divorce.

Assessing the Potential Effects of Divorce on Future Credit and Earning Power
How much you have to be concerned with your future earning capacity after divorce depends on the type of job you have and where you live. Some of the problems you might see include:

• It may be difficult for a supervisor to obtain a management position after getting divorce. This happens because many companies equate marriage with reliability, and this premise is not directed solely toward men.

• Positions that require credit checks may be out of your reach if the divorce affects your credit score or you are forced to file bankruptcy.

• Custodial parents may have a difficult time because they no longer have the freedom to work the longer hours that are usually expected of those I upper management. This is especially true of those who once depended on the spouse to take care of the children after day care closed. This doesn't mean that they can no longer rely on the spouse; sometimes those things that are directly related to the children will continue.

• Some divorced women may have problems entering into upper management. Some companies frown on this practice because of their need to be with their children if they are sick, off school and have special events. These companies have the mistaken notions that the children will cause negative effects on the careers of these women and as such prefer to avoid any potential problems.

While not everyone faces such disastrous effects of divorce, when credit problems accompany divorce, it can be detrimental, especially for single parents. While there should be laws to prevent this from happening, there aren't; this means you have to be careful during your divorce to preserve your good credit not only because you need it to find housing but also because it will help you obtain a good job. Unfortunately there are still many companies that still believe the best executives are married men, and while the trend is changing some, it still exists in many places.

Stereotyping still exists within the executive level of many companies who view single and divorced men as "party animals." There are many obstacles that affect these wage-earners, and thus being divorced is definitely a drawback to earning good money. Divorced women are faced with obstacles as well, but those are related to their need to be with their children as primary caregivers. Unfortunately these are not issues your divorce lawyer can prepare you to face but rather are ones you will need to face on your own by finding a company that is interested in your abilities rather than your marital status and credit history.

About Denny Jones

Hi there! I am Denny, a personal finance blogger and I love to share tips related to managing finance for a better living. Follow my blog for lots of fresh and exciting tactics to control your finances.
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2 comments:

  1. I am agreed to your points because divorce always comes with a disaster.

    ReplyDelete
  2. Not only will divorce effect your credit, whether through bankruptcy or an inability to maintain your previous lifestyle, a bad credit rating will also effect your ability to get promotions and advance in your career.

    ReplyDelete