Divorce Leaving Some Women In a Financial Lurch

November 03, 2011 (Press-News.org) A recent study completed by the University of Virginia's National Marriage Project shows that while the nation's divorce rate has dropped in the years since the so-called "Great Recession" began, divorce continues to disparately impact the finances of women long after the dissolution is finalized.

Why Are Women Hit Harder Economically?

Unfortunately, the outmoded division of household labor that left men in charge of the family finances has resulted in countless women -- particularly those of the baby-boomer generation -- newly divorced and not possessing even the most rudimentary grasp on personal finance. Many of these women were perfectly content to let their husbands handle bill-paying and household budgeting, but now find themselves unable to pay creditors, create a budget, start their own bank accounts or provide for their children's financial needs.

Financial management skills are imperative for everyone, but particularly for women, since one legal industry expert estimates that nine out of ten women will be forced -- through personal choice, divorce, illness of a loved one or the death of a spouse -- to manage their own finances at some point in their lives. It is more important than ever before for women to take charge of their own financial situation and do their best to be economically savvy, particularly in the midst of a divorce.

A broad-spectrum study of couples in Australia brings this to heart: women not only suffered disparately high amounts of financial impact upon divorce (oftentimes due to the fact that they retain custody of the children and thus have higher living expenses), but the effects of the financial hit last much longer, often still being evident four or more years post-divorce.

If you are planning to divorce your spouse, seek the advice of an experienced family law attorney in your area to protect your legal rights and give yourself the best chance at a successful outcome.

Article provided by The Law Office of Thomas M. Brasier
Visit us at www.brasierlaw.com