As you move toward divorce, do you find yourself thinking about what life is going to be like on the other side of the relationship? There are some major changes on the horizon, and you need to prepare.
For many people, their focus falls on the relational aspects of the change. How will they deal with those emotions? What will it be like to be single again? What should they do to adjust?
These are important questions to ask, but you also want to focus on the practical side. One thing to think about is simply what your standard of living is going to be like. You’re probably pretty used to the standard of living you enjoy right now. The way that it is going to change, to some degree, just depends on your gender.
When looking at opposite-sex marriages, researchers have found that men tend to have their standard of living go up by 10% when they get divorced. They wind up with more money, fewer expenses, and the like. Women, on the other hand, see their standard of living fall by a drastic 27%. They have less to go around and, financially speaking, things tend to get much harder for them.
It is remarkable to see that this still happens in 2019. Women are more independent and more involved in the workforce than they were for previous generations, but that by no means indicates that their financial position is equal. Divorce illustrates this all too well. It’s crucial for those involved to know what legal steps they can take to protect their future. Consulting with a knowledgeable divorce attorney and/or a Certified Divorce Financial Planner can help you to have the financial future you deserve.