Women initiate most divorces, so it is critical for women to understand how their lives could change once they leave divorce court with their divorce decree. Data reveals that women might struggle financially while reaping other benefits, such as a newfound sense of freedom. A divorce lawyer with The Law Office of David J. Rodriguez, PLLC, digs into the numbers below.
Divorce Can Devastate a Woman’s Finances
Women can experience a dramatic drop in their standard of living after divorce. For one thing, their expenses tend to climb. It is more expensive for one person to pay for everything in a home than to split these expenses with a partner.
Also, many women have lower savings and less work experience, especially if they stayed home to raise children. As a result, they often incur large amounts of debt during and after divorce, just to stay afloat.
Studies show that men have 2.5 times more wealth after divorce than women do. Also, a woman’s household income collapses by more than 40%. A man’s household income falls by only 23%.
The financial stress can extend to retirement, with women having fewer assets available to support them when they stop working. Some women must delay their retirement for years so they can build up a new nest egg.
Of course, divorce is an opportunity for women to seize the moment and begin to rebuild their finances. Some women learn financial literacy for the first time once they split from their spouse. That can be empowering.
Women Often Gain Self-Confidence After Divorce
Many women report feeling a new sense of self-esteem. They often report greater satisfaction at work once they have ended their marriages. One study found that women were more content five years after divorce than they had been before.
Interestingly, men tend to feel less satisfied after divorce, even if they usually have more financial resources. The greater feeling of liberation is one reason women file for divorce with their eyes wide open, despite the financial drawbacks.
Many Women Enter New Relationships
After divorce, some women jump back into the dating pool. Women might begin dating for the first time in their lives, especially if they married while very young. Other women will experiment with different types of relationships now that they are free to do so. Although women remarry less often than men after divorce, starting over with someone new is not impossible.
A Woman’s Health Can Decline
One study found that a woman’s risk of a heart attack increased by 24% after divorce. The risk jumped even higher (77%) for women who had divorced more than once. We can’t overlook the stress that some women feel during a divorce, even if they feel more content when they come out the other side, newly single.
We Can Help You Take Control
Divorce often marks a turning point toward a more positive future. One way to survive divorce is to seek spousal support if you are the lower-earning spouse. Receiving direct payments from your ex can help with career development and re-entry into the workforce. Call David J. Rodriguez to discuss whether divorce is right for you. Our firm can file all paperwork for you.
