Women in New Jersey and around the country often find themselves financially vulnerable following a divorce according to a study released on July 11 by Worthy. The online auction marketplace polled 1,785 women who were either divorced, contemplating one or in the process of ending their marriage, and they discovered that many of them lacked financial knowledge and had made no plans for their retirements. This could be why half of the respondents said that living on a single income was one of their biggest financial fears.
Women are sometimes left unprepared to make financial decisions because their husbands attended to these matters. This kind of living arrangement is often seen as a relic of the past, but the Worthy study reveals that younger women are actually more likely to abdicate all financial responsibility to their husbands. While only 18 percent of the older women polled said that their husbands handled all of their financial affairs, that figure jumped to 23 percent when women between the ages of 18 and 54 were asked the same question.
Many of the women surveyed said that they were disappointed with the alimony they receive and had not been expecting to have to reenter the workforce after ending their marriages. The poll also revealed that a worrying number of younger divorced women are not taking steps to prepare for retirement. Only 10 percent of the millennial respondents and 12 percent of the Generation X women polled said rebuilding their investment portfolios was a financial priority.
Experienced divorce attorneys may go over the financial consequences during their initial consultation, and they may encourage clients who are considering ending their marriages to take a pragmatic approach to spousal support and property division negotiations. When divorcing women have difficulty making important financial decisions, attorneys may call on professionals such as accountants and financial planners to assist them.