Divorce can often have a greater financial impact on women than on men, deepening preexisting financial inequalities. Many women face lower earnings compared to male counterparts performing similar roles or are overlooked for promotions in favor of less experienced male colleagues. Additionally, women frequently shoulder the majority of childcare responsibilities, which can limit their ability to pursue career advancements and increase their earnings over time.
Regrettably, these disparities often persist throughout marriage and into divorce, where financial recovery tends to be slower for women.
Women take longer to recover financially from divorce
Research shows that in divorces among individuals aged 50 or older, a woman’s standard of living typically declines by an average of 45%, compared to a 21% decline for men. While both figures reflect significant financial adjustments, the impact on women is more than double.
Several factors contribute to this discrepancy. For one, many married women delegate significant aspects of financial management to their spouses, who may, as a result, have greater familiarity with investments, savings, and other financial tools. This knowledge gap can place women at a disadvantage when making financial decisions during divorce proceedings.
Another contributing factor is the enduring impact of career interruptions many women face during their marriages. Time devoted to raising children and missed opportunities for promotions can continue to restrict a woman’s earning capacity, even after divorce, especially relative to her former spouse.
Naturally, individual circumstances vary, and there are cases where these roles are reversed. In some marriages, men may have chosen to step back professionally for family responsibilities, or the woman may have a higher earning potential due to her experience, expertise or entrepreneurial skills.
Regardless of your circumstances, securing professional support during your divorce proceedings can be the best way to ensure a fair settlement and a more stable financial future.