After a divorce, people are faced with serious financial challenges. Depending on how property is divided, each spouse is likely to be forced to make purchases in order to live comfortably. One spouse got to keep the silverware, and the other will have to buy a new set. One spouse got to keep the bed, and the other will have to buy a new one. These costs add up fast.
Furthermore, the switch from a two-income household to a single-income household tends to require some dramatic adjustments. Suddenly things like the phone bill or cable bill can seem much more daunting.
The truth is that almost everyone has a tough time dealing with the financial challenges that come after a divorce, regardless of gender. However, an article from Accounting Today indicates that perhaps women are a little better at making the life changes necessary to overcome post-divorce financial challenges.
Women More Likely To Take Positive Financial Steps After Divorce
The article addresses a survey from the American Institute of CPAs (AICPA), which showed that women were more likely to do the following after a divorce:
- Seek out advice on financial matters
- Improve spending habits
- Save more for retirement
- Look for a new job
The study did not show a small difference. Women were two or three times more likely to do these things than men.
Preparation And Knowledge Are Key
What the experts agree on is that, while women may be more likely to take positive financial steps than men, both genders need to do more, particularly when they are close to retirement age.
Whenever possible, the stage for a solid financial future should be set during the divorce process, rather than after. You should make certain you look not only at the immediate future, but consider the long-term implications of property division and other matters. Having an experienced attorney on your side can be beneficial in this regard. Your attorney can make certain that you have the knowledge necessary to make the decisions that are right for you and take the necessary steps to prepare for the future.