From dividing assets to rejoining the job market, understanding divorce finances is crucial. Divorce can be particularly challenging for women and their financial health. Research shows that women typically face a 27% drop in their standard of living post-divorce, while men see a 10% rise, according to research from the Social Science Research Council. For women aged 50 and above, the situation is even more drastic; they often experience a 45% decline in living standards after a divorce, compared to a 21% decrease for older men.
One listener inquires whether it's wise to dip into savings for an attorney's retainer or to charge divorce costs to credit. Another seeks guidance on retaining the family home amidst a contentious divorce. We also discuss the importance of prenups, re-establishing a career after being a stay-at-home parent, and managing finances with a new partner after divorce.
If you have questions about divorce or financial matters, reach out to us at info@savinghunt.com for a chance to be featured in a future episode!
