For women, the financial impact of divorce is substantial

March 4, 2020

Both men and women face many changes after getting divorced. They have different relationships with their children, they have to divide up their assets, and they both have mental and emotional challenges that they may have to overcome.

That said, studies have shown that the financial realm is one in which women see a far greater impact than men. Three ways that this happens are as follows:

• Women have disproportionate household income declines when compared to the income decline for men
• When have a greater risk of falling into poverty after divorce
• Women have a greater risk of becoming a single parent after divorce

For decades, men and women have held different roles, though things have changed in recent times. For instance, it was often assumed that men would earn money and women would take care of children. This has now been shifting, as shared custody is more common and women have more work opportunities than they used to.

However, this study shows that the two genders are still not equal. This lack of equality is why divorce is harder, financially speaking, for women than it is for men. Women may end up with more responsibilities and less income, whereas men may find it easier to move forward with their higher income levels and less family-related stress, even when they do have children.

It is very important to keep differences like this in mind during a divorce so that you can look into the steps you need to take to protect your future. This is true for both genders, of course, but women may want to think more about the financial side.