Atlanta Financial Blog

If you’re a married woman, research shows that you are far more likely to seek a divorce than your husband. In fact, women initiate 69% of all divorces in the U.S..

If you do decide to end your marriage, you and your soon-to-be ex-husband will have to take stock of all your assets and then begin the process of splitting them up.

Download our free report: Top 3 Financial Questions Before You Divorce

Ideally, there will be a fair and equitable division of assets and belongings between ex-spouses. But for a division to be equitable, you must often consider the intangibles, like earnings potential and child-rearing, as part of your exit plan.

Women and men both suffer financially after divorce. That’s a no-brainer. But research shows that, while men’s post-divorce financial struggles tend to be a temporary setback, the financial consequences of divorce on women are more likely to be permanent.

Why?

• Married women are more likely than married men to leave the workforce to stay home with their children. Once divorced, most women who stopped working to raise kids realize they’ll need to get a job. Gaps in their resume may make finding work more difficult. Women may also need to play catch-up in terms of industry and technological advancements.
• For those women who have primary custody of their kids, the cost of childcare options can prevent career progress. In some areas, monthly daycare costs can be almost as expensive as rent or a mortgage payment. And, depending on your state, your ex may not be on the hook for sharing childcare costs. Make sure that your child support payments account for this.
• Women still earn less than men. According to Pew Research, women earned 85% of what men earned in 2018. This is typically because more women than men work part-time (due to childcare responsibilities), or have less education or less experience than men.
• Women still handle more unpaid domestic work than men. That means women have less time to work for pay – which means less earnings potential.

If you’re considering divorce, working with a good attorney may not be enough. While they are experts in the legal aspects of the divorce process, many attorneys are not well-versed in financial matters.  Their role is to guide you through the legal process, not provide personalized financial-planning advice. The number one question my clients have when facing a divorce is “Will I be OK?”.  Working with a financial advisor can help answer that.

Learn about our process, DivorceFIT™, designed to help you manage the details of your financial life before, during and after divorce.

 At Atlanta Financial, we have been by the side of women divorcing for more than 30 years. Through our DivorceFIT™ process, we will walk with you through the big picture financial issues all the way to the smallest of details that need to be addressed as you go through divorce and after. Our goal is to help you transition to the next phase in your life on solid financial footing.