Divorce is a challenging transition that many people in Illinois face at some points in their lives. A divorce can be hard for both women and men. However, according to research, women usually fare much worse from a financial point of view.
During the first year following a divorce, a woman’s standard of living has the potential to plummet nearly 27 percent. Meanwhile, a man’s might actually increase by 10 percent. In addition, women who have gotten divorced usually do not do well financially as they get older.
Based on statistics from the Social Security Administration, 20 percent of women who have gotten divorced and are 65 or older are living in poverty conditions. This is higher than the 18 percent of women who have never been married, as well as the 15 percent of women who are widowed at this age. This occurs because many women end up getting taken advantage of during the process of divorce.
It is critical for women in Illinois to not allow their emotions to determine their paths, which means not rushing into divorce settlements simply to be done with the process. Women would also be wise to get a grasp on their financial pictures, as it is not possible to arrive at a divorce settlement that is fair if one does not clearly understand all the areas of the family finances, ranging from the household accounts to a family business, if applicable. With proper legal guidance, both women and men can pursue divorce outcomes that will enable them to experience secure retirements rather than strained ones in the coming years.
Source: blackenterprise.com, “What Women Must Know About Money and Divorce“, Stacey Tisdale, June 9, 2016