Two-thirds of the divorce process in Maryland revolves around finances. Sure, there’s a great deal of emotional toll it takes, but what the law is mainly concerned about is the distribution of assets and how to navigate child support and alimony payments. Even spouses’ income has some influence on child custody. Thus, it is safe to say that divorce and finances go hand in hand, and unfortunately, women are often the most negatively affected by this process. Some of the challenges they encounter include the following.
Making ends meet after separation
Undoubtedly, women have made significant strides in education and career advancement in recent years. They have the ability to support themselves and their families financially. However, in most marriages, women take up the role of being a homemaker and take on the responsibilities of child-rearing and managing the household. This often results in them sacrificing their career progression, which can become a major hurdle when they have to make ends meet after divorce. With limited work experience or outdated skills, women may struggle to find employment that pays enough to support themselves and their families.
Caring for children
80% of child custody cases in America end with the mother being the primary custodial parent. While this may seem like a win for women, the reality is that they are now responsible for the majority of child-raising expenses. Daily living expenses can accumulate quickly, and when coupled with the costs of medical and educational needs, it can become overwhelming for a single mother.
Estate planning
It may come as a shock to you that approximately 72% of divorced women don’t have a retirement plan in place. Given that the average life expectancy of women is about 81 years, this is concerning. Divorce settlements may provide some financial support, but it may not be enough to cover long-term expenses and retirement.
Embracing financial independence and self-reliance post-divorce is an empowering shift, yet it requires immense courage and adaptability. It is an invitation to reevaluate financial priorities, establish a resilient budget and invest in skills for career progression. Remember, the silver lining in this challenging transition is the opportunity for personal growth.