If you are a woman contemplating divorce, you may have been told by family and friends that you need to be careful financially because divorce inevitably hurts women in the long run. However, according to a recent report, women who have divorced are feeling more financially-stable than women in previous years, and financial confidence amongst divorced women appears to increase with the number of years for which they have been divorced.
In fact, the majority of women now say that divorce was a positive wake-up call for them from a financial standpoint. Specifically, according to this recent study, 65 percent of divorced women now say that they feel secure economically – this represents a 50 percent increase from 2016. This could in large part be due to the fact that many have reported earning more money.
The Longer You’ve Been Divorced, The Better You Do Financially
Perhaps most surprisingly, according to the study, is that the greater the amount of time that has passed since a divorce was finalized, the better women are faring in terms of money. This is especially the case for those women who divorced at least 10 years ago, who indicated that they got more and more successful in achieving their financial goals (for example, saving for things like retirement). A significant percentage also indicated that they felt that they had a more developed grasp of investment strategies and financial planning after, but not before, their divorce.
The Professionals You Work With Make All the Difference
In addition, a number of divorced women reported increasingly relying on professionals in their lives, such as their divorce attorney and any financial professionals they worked with during and after the divorce. According to the study, in 2019, 88 percent indicated that this individual was their go-to source for information and helped them with strategies that helped boost their financial confidence and feelings of empowerment. In addition, according to the statistics, women who’ve been divorced for 10 years or longer are also three times more likely to be working with these types of professionals. This is especially important for women who are not involved in managing the money of the family before getting divorced. What the study indicates is that women who become more and more involved in finances end up feeling more empowered in general.
Contact Our Greenville Family Law Attorneys for Assistance
Financial issues have been the age-old concerns cited during grey and other divorces. However, studies like these are showing that financial fears surrounding divorce may very well be unfounded, especially if you work with the right professionals during and after the process in order to ensure that you receive what is necessary during the divorce to stay protected afterward.
If you have any questions or concerns about divorce, contact our experienced Family Law Attorney Greenville SC today to find out how we can provide you with the financial confidence to move forward with your divorce and seek a brighter future.
Angela Elliot Frazier is a Family Law Attorney who practices in Greenville, SC. She graduated from the University of South Carolina School of Law, and has been practicing law for 14 years now. Angela Frazier believes in helping you through one of the most stressful times of your life. Learn more about her experience by clicking here.