Many things come to mind when Texas couples think about divorce. This often involves heated disputes, fights over property and assets, disagreements about child custody and support, and the inability to get along during and after the process. Although ending a marriage can be a very emotional conflict, this does not mean that spouses cannot take action to reduce these hardships. This is especially true for those worried about finances during their post-divorce lives.
How can women improve their post-divorce finances? Although women no longer always take the role of primary caregiver, foregoing a career in the work world, divorce tends to hit women harder, even when they are in the workforce and immersed in their careers. Because marriage has the tendency of offering financial advantages, women are likely to quickly acclimate to and rely on these conditions.
However, when a marriage is dissolved, this tends to impact women more than men financially. For example, women that are married are found to have a 20 percent higher median weekly earnings when compared to those with other marital statuses. It was also found that post-divorce, a women’s household income fell by 41 percent, which is almost double the loss experienced by divorced men.
Why is divorce more detrimental financially on women than men? The simple answer is that overall, women make less than men. And, depending on the dynamics of the marital relationship, a wife may have never been in control of the finances. This can be new territory for divorced women, making it challenging to navigate and budget. So, in order to overcome this situation, it may be helpful to strategize which assets and property you maintain post-divorce. Additionally, it might be appropriate to seek spousal support, even if it is just temporarily.
Divorce requires many challenging decisions to be made and several adjustments to get accustomed to. Additionally, it requires divorcing spouses to think ahead about ways they can protect their post-divorce lives.
Source: Money.usnews.com, “Why Women Should Rethink Their Finances After Divorce,” Stacy Rapacon, August 14, 2017