How Does Divorce Affect Affluent Women?

12 Apr
2016

Unfortunately, women tend to be disproportionately impacted financially by a divorce. There are many reasons for this, such as:

• An employer may pay a woman who has been out of the workforce for many years, either as a stay at home wife or mother, much less than a man going through a divorce.
• Women may find themselves preoccupied with maintaining the same standard of living after a divorce, which may not be feasible on a single income. This mentality may lead to poor decisions concerning money and finances that may potentially cause a lasting impact.
• Women typically earn less than their husbands during the marriage, and as a result, after the divorce women find rebuilding their lives more difficult. Men experience less difficulty rebuilding their lives after a divorce as they have more income.

Affluent women tend to lose a lot more during a divorce. Women who own a business or co-own a business with their husband, maintain an extensive investment portfolio, or possess other complex assets, my find themselves in a less than ideal financial situation as a result of the divorce. After a divorce, each spouse must manage their own set of bills and expenses. Maintaining the standard of living the couple experienced as a couple often becomes more difficult, if not impossible.

When Husbands Don’t Make Things Easier During A Divorce

Sometimes husbands make the divorce more challenging than necessary to cause their soon-to-be ex-wife distress. A bitter husband may try to prolong a divorce by taking their time in court so as to increase their soon-to-be ex-wife’s costs and attorney’s fees, subsequently causing the divorce to become more costly. A husband could also attempt to block or prevent his soon-to-be ex-wife from accessing their financial assets and bank accounts. In addition, the husband may attempt to hide or spend marital assets in advance of a divorce so his soon-to-be ex wife gets less than she deserves.

Assets acquired during the marriage become marital property, which the court divides between both parties during the divorce. If you became a business owner during your marriage, the court may give your spouse half the value of your business. As a result, many women feel taken advantage of. A skilled and experienced divorce lawyer can help by developing a strategy focused on your best interests. The lawyers at Women’s Divorce & Family Law Group can offer legal guidance to help you obtain a divorce with as much of your finances intact as possible.

The professionals at the Women’s Divorce & Family Law Group work with many people contemplating a divorce and can work with you too. Call us at (312) 445-8830 or click here to schedule a consultation.

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There are many factors to consider when contemplating divorce, and a pre-divorce planning session can help you begin to plan for a divorce. Please contact the professionals at the Women’s Divorce & Family Law Group by calling (312) 585-6604 or clicking here to schedule a consultation.