The financial well-being of women after divorce is a significant concern. Divorce can have a significant impact on a woman’s financial stability, with statistics showing that women’s total income decreases by 40% after divorce, compared to a drop of 21% for men. The career gaps and low income that women face after divorce can make it challenging for them to maintain their financial status.
According to labor statistics, women often earn less than men, and this disparity is even more pronounced after divorce. The custody of children in most divorces also adds to the financial struggle for divorced mothers. Women may have to work extra hard to make up for the loss of income and maintain their financial well-being.
The female poverty rate after divorce is 27%, which is much higher than that of divorced men. Overall, divorce can have a significant impact on women’s financial well-being, and it’s crucial for women to seek support and find ways to secure their financial future after divorce.
How to improve the financial well-being of women after divorce
Be Financially Educated
Women must be financially literate to effectively make appropriate financial decisions for themselves and their families. However, according to surveys, women are less financially literate than men. If you find it hard to manage finances, seek expert advice from financial advisors and learn from them. Remember, anything a man can do, a woman can do.
Assets and liabilities
It is extremely crucial to have an idea about your marital assets. Additionally, by listing out monthly expenses, you can plan your expenses.
If the divorce was mutual and the property is in the husband’s name, the wife has no right over the property. However, the wife can ask for livelihood, but she will have no right over the property. Furthermore, If the wife and husband bought the property together and it is registered under the husband’s name, the wife will have to prove her monetary assistance in buying the property.
Amend your will
It’s always a wise idea to amend your will after a divorce. This will ensure that the property is divided the way you want and make your children financially secure.
After divorce, you must update your life insurance, or you should take up a new policy to support your child and yourself.
Shared parenting or joint custody helps in financial management. By being co-parents, you and your partner can plan your children’s financial expenses and ensure their security. At the end of the day every child deserves happiness and security.
Plan for retirement
It is absolutely vital to know about the available retirement plans. You must focus more on saving some amount for your old age. Medical expenses can significantly affect your saving as you grow older.
Never too late
Divorce doesn’t have to be the end of your dreams. You must learn to take each day as it comes. When you are divorced and a woman, you will have to face a lot of social judgments than men. There will be people to advise you and make you feel regretful. Come on! It’s your life, and it’s your choice.
Nothing should stop you from falling in love again. If you feel alone or wish to find a rematch, go for it. However, you must ensure that the person you find is not a rebound. You must think twice and take every step slowly. You can find perfect matches from secured matchmaking platforms like eHarmony, aisle, a rematch.in and more. Live your life; the world is yours!
Impact of divorce on women's financial well-being
Every divorce case is different, and the impact on women’s financial well-being completely depends upon the kind of divorce you have. In most Indian households, men manage finances while women manage family and work. Thus, women will face financial struggles after divorce, which can adversely affect their financial well-being.
Furthermore, as the court divides marital assets, the court will also divide marital debts. Which means you may have to pay a part of the debt your ex-partner incurred during the marriage. So, if you plan to get divorced, you must also plan your financial well-being after divorce. If the court award alimony, spend it wisely. You must make appropriate plans for being financially independent.