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The financial challenges faced by divorced women

Ending a marriage usually involves making a number of financial adjustments. A recent study from the online marketplace Worthy suggests that many divorced women in Minnesota and around the country are not prepared to meet these challenges. Worthy polled 1,785 women who were either considering a divorce or had already taken steps to end their marriages, and almost half of them said that they had encountered one or more unexpected financial setbacks.

Experts say that women are sometimes unprepared for life after divorce because they allowed their husbands to make financial decisions during the marriage. In the survey, almost a quarter of the women aged between 18 and 54 said that they abdicated control of their financial affairs to their husbands. However, this figure dropped to 18 percent among women 55 years of age or older.

The most common financial fears among divorced women were struggling to make ends meet on a single income and covering the costs of divorce. Some divorced woman also told the researchers that they expected to be awarded more in the way of spousal support and were not expecting to have to return to the workforce. The data suggests that this kind of setback may not be enough to encourage women to take a more prudent approach to financial planning. Only 19 percent of the millennials surveyed said that they were concerned about their retirements.

The urge to escape an unhappy marriage can be strong, but experienced family law attorneys might encourage their clients to consider long-term needs during property division and spousal support negotiations. Attorneys could also recommend that divorcing spouses avoid being drawn into bitter disputes over assets with little financial value but significant emotional worth.

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