Report Money Matters Especially Affect Women In Divorce

This is a tough economy. Jobs are hard to come by, people are having a hard time selling their homes, and many people are struggling to pay off their home loans and other debts, including college loans. But life doesn’t stop just because we face great stress. There are still family relationships and personal happiness to work on.

Research shows that during this recession, the divorce rate has slowed down and is just beginning to speed up again. The reason behind the decrease in divorce reportedly isn’t that people have been happier in their marriages; rather, they can’t afford to live apart from their spouses. But now that there are signs of an improving economy and a slight uptick in the divorce rate, sources report that women of divorce could be in for major stress.

According to a professional estate planner, 90 percent of women will have to manage their finances at some point in their lives. That necessary role comes either as a result of divorce or the death of a husband. That reality means it’s crucial for women to completely understand their financial situations and know how to manage money as soon as possible in their lives.

Reuters shares the insight of a divorce coach who regrets that many of the divorced or divorcing women she works with don’t know the basic things about money management. The widespread lack of that knowledge among women, sources suggest, causes many of them to stay in their marriages for the wrong reason: fear of financial hardship.

Women, or anyone who fears they don’t know enough about finances, shouldn’t necessarily put off divorce if they are in unhappy marriages. Money management can be learned, and it is generally wise to depend both on a divorce attorney and a financial planner during the divorce process.

Life after divorce is full of hope and new opportunities, but it can also be stressful. Getting confident with money management — and not having to depend totally on spousal support — can prevent a fresh start from being so scary, while providing a new sense of confidence.

Source

Reuters: “Divorce stress meets recession mess, and women struggle,” Lou Carlozo, Oct. 14, 2011