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Many women leave marriage at a financial disadvantage

On Behalf of | Aug 18, 2017 | Divorce

Dissatisfaction and other emotions drive people to seek divorces in Arizona. However, the decision often inflicts more lasting financial damage on women than men. Due to the gender pay gap and other factors, women may have limited resources when they begin their newly single lives.

Overall, women make lower wages than men, even in comparable careers. For example, the average salaries for male and female personal financial advisers are $1,714 a week and $953 a week, respectively. In fact, the Bureau of Labor Statistics reports that women earn $0.82 for every $1 earned by men. Unpaid caregiver duties for children and the elderly typically fall upon women, which removes them from the workforce for long stretches of time and reduces their lifetime earnings and Social Security benefits.

In many cases, women are not in charge of handling money matters during marriage. Their husbands could have handled all of the bill paying and investing; therefore, divorced women might lose years of opportunities before they begin managing their money effectively. Ideally, women should set a daily living budget as soon as they divorce and focus on building a career to enhance lifetime earnings.

Someone getting a divorce might reduce long-term financial hardships by making careful decisions during the property division process. An attorney could empower a client with information about rights to certain assets and offer advice about important factors like marital debts, calculation of child support and the hidden tax and maintenance costs of holding onto a family home. With the support of an attorney, divorce negotiations might result in an equitable settlement that does not burden an individual.