Divorce analyst: Women don’t always come out with more after divorce

Posted at: 07/06/2012 3:12 PM | Updated at: 07/06/2012 3:15 PM
By: Elaine Houston

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How many times have you heard that women who get divorced make out like a bandit, with huge settlements, and property.

A local divorce analyst says, that's a myth. She says many women, end up with less rather than more.

Kathleen Gentner showed the home she says she use to live in to NewsChannel. Today, she's renting a modest home, adorned with furniture given to her by friends.

Four years ago, her family's income was in the six figures, today she makes $29,000.

But Kathy's change in income and living standard has nothing to do with the economy--she says it has everything to do with divorce.

When this college grad, who before she got married had a home, a job and stocks, decided to leave her husband of 16 years, following what she says was a dysfunctional marriage, she left with none of that.

Along with no savings, she says she found out she was also in debt from credit cards she thought were canceled.

But her biggest loss was the custody of her kids.  A 2009 Census Report on marriage found that in their first year of divorce women were more likely to be in poverty and had less income than recently divorced men.

It also said children of divorce are more likely to be poor. Divorce financial analyst, Tonia Kelley says she's heard of plenty of horror stories like Kathy's.

She spends her time helping women get financially fit before the divorce is final. What paperwork should women have?

• A copy of their own credit report
• Copies of pensions and 401Ks
• A budget of what it takes to live on their own.

It's something she learned the hard way, while going through her own divorce.

Kathy hopes her story will help someone else. Right now, she is still in court, trying to get what she feels she deserves.