Women must mind money matters after divorce
Some divorce experts say that divorce is harder on women than it is on men — not necessarily on an emotional or physical level, but in a financial sense. This is something people, not only those in Milwaukee but everywhere, need to factor into their plans if they decided to end their relationships.
According to divorce experts, many women lack even basic money management skills. Now, they do not say that because women are not capable of handling their own finances or because woman cannot be independent. Rather, they make that observation because in the division of labor, it is often the male half of a couple who handles the finances. That means the wife may never gets the hands-on experience one needs to become financially literate. This becomes a problem when a couple splits up. If the former husband has always managed the family treasury, so to speak, the former wife may not know how to do necessary things like apply for a mortgage, file taxes, plan investments, etc. And of course, after the divorce, she will need to know how to do these things on her own.
This is really a concern nowadays since the economy is faring so poorly and money is tight for everyone. When the family budget is lean, there simply is not room even for one or two mistakes. Also, the pool of marital assets may have been diminished by the crummy economy, so women may start out with less than they need and may not have the necessary experience to know how to get their own financial picture to improve.
If you are a woman and you are thinking about divorce, ask your family law attorney if he or she has a financial professional whom he or she can recommend. Another option is to look into whether there are financial literacy classes at your local library or community center. How you will manage your finances after you divorce is definitely something you should think about, but there is no reason it should stop you from making this move if you think it is the right step for you.
Source: Reuters, “Divorce stress meets recession mess, and women struggle” Lou Carlozo, Oct. 14, 2011
