financial impact of divorce on women

Financial Impact of Divorce on Women

Divorce creates financial challenges for men and women. Anyone going through a divorce knows that it challenges your bottom line. However, a recent government study has shown that divorce hits women harder financially than men. The statistics show that a man’s household income falls 20% on average after a divorce, but for women the decline in household income after divorce is 41% on average, more than double the impact on men.

If you are a women, this can sound devastating. Protect yourself in the following ways:

  • Ask for child support and spousal support. Some women feel uncomfortable asking because they feel it makes them dependent on their ex at a time when all they want is to move forward alone. Child support and alimony are crucial in rebuilding your financial life. Talk with your attorney about what you are entitled to.
  • Think about retirement now. Retirement assets are marital assets and you should make sure you get your fair share. Many women choose to take more liquid assets, but if you don’t start planning for your future now, you may never accumulate what you really need to retire comfortably. You also need to think about developing your own savings plan moving forward. Talk to a financial planner to create a sensible strategy.
  • Get what is owed to you. Make sure you actually get everything your divorce decree entitles you to, from furniture to lawn tools. If your ex doesn’t pay spousal support or child support on time, hold him or her accountable in court. If your ex is supposed to provide health insurance or pay for school expenses for your child, make sure it happens. Yes, it’s challenging to keep track of payments and upsetting to have to go back to court, but it’s the only way to ensure your rights are protected.

For help with your divorce or post-divorce modifications, contact the Sampair Group.