Financial Impact of Divorce on Women
When you are a woman going through a divorce, you may find that you are financially impacted in ways your male counterpart is not, especially with a court-litigated divorce process.
Often, we see that women are more financially impacted than men, and here are a few reasons why:
- Women are often the lower wage earner
- They have worked less time to accrue social security and retirement benefits
- There are times when women may not have health insurance
- Women have less ability to go out and earn money due to being the primary childcare provider
- Many women have full-time custody of their children, and this can curtail working out of the home
- If a woman returns to the workplace, she is often saddled with the childcare expenses that the child support does not cover
- Women may stay at home to care for an ailing parent or other family members
It’s not unusual for women to step away from the corporate workplace or reduce their work hours to raise their families. Because of this, they are often unable to receive higher education or add to their social security or retirement benefits over the years.
There are many ways we can help even the playing field during a collaborative divorce. A financial neutral will review all assets and debts, develop a budget, rethink current lifestyle needs, encourage the sale of the marital home if warranted or help revaluate reentering the workplace.
At Peace Talks, our team of experts focuses solely on mediating family law conflicts. We are a full-service mediation firm that specializes in helping people settle their divorce[NH3] in a sane and sensible manner.
Whether you are getting divorced, planning your estate or negotiating a premarital agreement, our team of experienced, skilled divorce mediators and family law mediators will create practical solutions to difficult financial situations.
Contact us today to see how we can help you understand how your finances will be impacted by divorce in a civil, co-operative environment!