A recent study by Worthy — Building a Financial Fresh Start — examined the experiences of almost 1,800 adult women who were either facing divorce, were in the middle of a divorce, or had completed a divorce. Overall, the study found that most of the women surveyed found themselves financially vulnerable due to two primary reasons: (1) the lack of financial knowledge; and (2) the lack of long-term financial planning.
The six shocking financial surprises that divorcing and divorced women most often encounter include:
- Being unaware of the scope of marital debt;
- Not anticipating having to get a job;
- Assuming that alimony or child support would be higher or last longer;
- Assuming that they could keep the marital residence;
- Being unaware of the high cost of health care insurance;
- Underestimating the cost of getting a divorce.
According to the study, the majority of women said that living on one income was their greatest financial fear, followed by re-entering the workforce, the cost of getting divorced, and managing finances alone. Their top financial concerns were paying off debt, saving for retirement, saving for their children’s education, and protecting their assets.
These concerns are decidedly real, as only 9% of women said they were able to stay at home following their divorce.
The infographic below details the key findings from the financial independence survey by Worthy:
Once you’re on your own, you’re empowered to plan your financial future. If you’re lost when it comes to financial investments and strategies (you’re not alone!) seek some help from a financial advisor or take a class or two that will teach you how to manage your money. If you weren’t working before the divorce, you’ll likely need to obtain employment in the future. If you can, use this opportunity to find a fulfilling career that can add to your new life.
Your legal team at Koenig|Dunne is here to help you navigate the Nebraska divorce process and to advocate for your rights.