There are many lifestyle, emotional and physical changes that come about when a couple goes from being married to being divorced, or even when they begin the process of a divorce. When a divorce does occur, the financial changes are inevitable for both parties involved. However, according to statistics, a woman’s finances may change drastically compared to that of her spouse. Pennsylvania women may be interested in advice and facts about how divorce may impact their financial standing and stability.
It is estimated that the income for a woman can drop by 37 percent right after a divorce. Also, women tend to earn less than men to begin with, on average. Because of this fact, women may have a smaller amount saved in retirement accounts — roughly 60 percent less.
Some advice for women includes having about six months of living expenses saved up for emergencies. Another piece of advice is for women to rethink and rebalance their investments, especially if they always let their spouse handle the investments or direction of retirement funds. This may require seeking professional financial help to better manage funds and make a formidable plan overall.
Each couple may be vastly different from other couples going through divorce in Pennsylvania. Despite the uniqueness of each couple starting this new chapter, the commonalities mean that some advice may be universal. The more advice and information a person receives — especially a woman earning less — the better prepared a couple or an individual may be to meet the challenges and financial changes that may occur after a divorce.
Source: shreveporttimes.com, “Financial tips for newly single women“, Oct. 14, 2014