Studies have shown that divorce has been associated with financial distress for women more than for men. Post-divorce, the income in female-led households fell on average over 40%, twice as much as the loss of income experienced by men. Divorce can be a traumatic event, and when you add in financial ruin, it becomes even more emotionally charged. The average cost of a divorce is close to $13,000 in most parts of the US and even more in larger cities. When you add together the cost of a divorce with the average loss of income women experience during divorce, it’s easy to see how a divorce could drastically derail women's financial health across the country.
Is it Cheaper to Just Stay Married?
Because the math of a divorce can be challenging, it’s not surprising that many divorces don’t happen. For some couples, it becomes easier and cheaper to stay in an unhappy or disappointing marriage. According to Divorce Magazine, women file for divorce first, so between 70 and 80% of all divorces are led by the woman in the relationship. When the post-divorce economic outcomes for women are becoming so challenging, women across the country must be asking, can I afford to get divorced? Depending on the length of the marriage, it could take a woman up to 15 years to regain her financial stability after a divorce. This data highlights the need for women to make different choices when filing for divorce and planning to end their marriages.
How Can Women Protect Their Financial Interest During the Divorce Process?
Women should appropriate divorce considering how they plan to move forward once the process is over. The primary concern after the dissolution of the marriage should be financial stability. Some issues must be considered before filing for divorce. Protecting your future financial health is paramount to your eventual success once your divorce is finalized. If you and your spouse currently have financial problems, it could be wise to begin with a trial separation or counseling. Immediately choosing a divorce could exacerbate your current financial problems and disrupt an already precarious financial foundation.
Remaining in a twosome to strengthen your exit strategy may feel like an unimaginable request. Once you’re ready to leave your spouse, you want to do so immediately, but that’s not always the best course of action. Consider your financial situation if you leave now and compare it to after paying off as much debt as possible. If you are still paying off your cars and credit cards or your mortgage is close to being paid off, you should plan your filing to maximize the power of your two-income household to eliminate bills and build wealth. Choose the one that puts you in the best position to leave the marriage in a stable position.
Measured and Thoughtful Representation
At Beatriz Zyne, P.A., our team can help you formulate a strategy for divorce that keeps your financial health top of mind. We realize divorce may be the most difficult experience you’ve ever gone through, so our thoughtful team of professionals can help ensure you have all the information you need to make the best choice for your situation. Call now at (305) 876-6138 to schedule an appointment.