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Survey shows women are concerned about finances in a divorce

Survey shows women are concerned about finances in a divorce

A reason that many people in Michigan are reluctant to end an unhappy marriage and move forward with their lives is due to uncertainty about what comes after the divorce is completed. Much of the consternation is financial in nature. A recent study conducted by the online marketplace Worthy surveyed nearly 1,800 women about financial issues in a divorce. Their responses can be used as a guideline for those who have similar concerns.

Those who took part in the survey ranged between women who were about to get a divorce, those who were getting a divorce, and those who were already divorced. Financial roles were a focus of the survey. Some respondents were wholly uninvolved in any financial aspects of the marriage and left it all to the husband. Of the women ages 55 and older, 18 percent surrendered financial control in this way while for those ages 18 to 55, it was 23 percent. This can be troublesome after the divorce, since the parties will be responsible for handling finances on their own. When women were cognizant of their finances while married, they are likely to have a better grasp of what must be done to maintain a reasonable standard of living after their divorce. A primary fear that was shared by women across the spectrum was living on a single income. The

The second major concern was how much the divorce was going to cost. 38 percent of the women ages 55 and older had material worries about retirement. That was double the number of millennials who had the same concern. 22 percent of the older women were concentrating on bolstering their investments in the next five years. 12 percent of Generation Xers and fewer than 10 percent of millennials said the same.

Financial aspects are often major concerns for people — especially women — who are thinking about divorce. These issues should be expressed before the filing when it is easier to prepare for and address them.

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