It is unfortunate but true, women are worse off financially after a divorce. As a finance writer, I have heard from many women over the years on how difficult it has been to recover financially after a divorce. Women have argued this for some time, and now recent statistics have verified what we know.
A new study has shown women's long-term finances are more affected after divorce than men. That’s not to say the men are not financially challenged; the reality is nobody wins in divorce.
A recent study led by the Australian Institute of Family Studies has shown divorced women found it difficult to recover financially and the effects last into old age. Women with dependent children found it particularly difficult to recover financially, due to problems balancing childcare and work, while women without dependent children financially recover after six years; those with young children find it harder.
When you consider all the costs associated with the divorce such as the legal costs, debts to be paid off and finalised and, most likely the family has to be sold and divided. Then, there are the associated costs with selling and buying and starting to refurnish a house all over again. Once you’re ready to set up house, you’ll be paying for all the bills yourself, electricity, rates, phone and groceries. No wonder a break up is so costly.
Divorce has a huge impact on finances for both men and women. These costs alone mean that some couples who want to separate cannot, because of the costs involved, making it difficult for both parties; emotionally and financially while they’re together.
The average age of woman who divorces is around 45 years old. Most married women in this group are rearing children. Some are stay at home mums, while others are working part-time or have full time jobs. More often than not the bulk of the responsibility of the children lay with the mother.
