While many people contemplating marriage do not want to consider the prospect their marriage may not last, the high divorce rate makes it important to engage in economic planning to ensure financial security in the event of a divorce. This planning should begin before a person even ties the knot, but the process of preparing for divorce is an ongoing endeavor with steps that need to continue both during marriage and during the divorce process.
Although women have made enormous strides in terms of occupational advancement and income equality during the last twenty years, the average lifetime earning capacity for women still lags behind men. A recent census report found that the average median income for women who work full time was approximately $36,000 whereas the average for men is over $47,000. This means that women must be especially cautious about protecting their financial future from the potential impact of divorce.
The disparity between the average median income of men and women tends to be magnified by the impact of a divorce. Researchers at George Mason University conducted a study to analyze how divorce financially affected the standard of living of husbands and wives following a marital dissolution. The study concluded that on average women suffer a 73 percent decline in their standard of living following divorce while termination of a marriage enhances the standard of living for men by 43 percent. Given this astounding difference in the impact of divorce based on gender, financial planning for the possibility of divorce is critical for women no matter how unromantic the prospect. Given these financial realities, we have suggested some suggestions that women can use to safeguard their financial security in the event of divorce:
While this is certainly not a comprehensive list of ways to financially prepare for divorce, an experienced Divorce Attorney can advise you regarding strategies tailored to your unique circumstances. While no one enters into marriage with the expectation that they will one day face the prospect of divorce, people also do not purchase car insurance because they expect to be in a car accident. Sometime life just happens.
The guest writer is Howard Iken, a SuperLawyer rated attorney in Florida. Mr. Iken helps clients with divorce and custody matters in Florida.
Thanks to Ken Teegardin for the photo.
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