According to a recent article by Fox Business, a new study by the Spectrem Group, a financial consulting Group, more and more women are reporting that they are actually more financially savvy following their divorces. While the common perception often is that women who get divorced usually experience at least some degree of financial distress, this study shows that a person’s class in terms of overall wealth has a huge impact on a woman’s financial status following divorce. Evidently, the greater the wealth, the more likely the woman is to avoid the financial perils that so often accompany divorce proceedings.
For instance, the study showed that almost three-quarters of divorced high-income women, or those who were worth $1 million or more, reported increasing their knowledge about investments and finances in general, which only enhanced their ability to manage their money. Generally speaking, it appears that these high-income women choose to take control of their finances post-divorce, and have the means to learn how to effectively manage their finances. As a result, this class of divorced women seems to dodge the financial pitfalls and difficulties that tend to afflict women who have recently divorced, at least for the most part.
However, it is still true that lower income women do not enjoy the same financial benefits following their divorces. Women whose net worth is less than $1 million see a much different financial picture after divorce than do their higher income counterparts. In fact, lower income women, and particularly those who are recently divorced, are twice as likely to live in poverty as men who have also gone through recent divorces. Therefore, for the vast majority of divorcing women, financial difficulties are still a very realistic possibility.
For advice about how to best safeguard your finances while going through a divorce, you should consult with an experienced Oak Brook, Illinois divorce lawyer today. Our Oak Brook divorce attorneys can help you determine alimony expectations, and plan your financial future post divorce.