Although going through a divorce can be emotionally difficult, the financial part of dissolving a marriage can actually be more complex. For some Florida couples, a divorce can have a serious impact on both parties’ budget and retirement. However, divorce tends to have a larger impact on women.
There are several reasons for this. First, women often earn less than men. Statistically, women earn just 82 cents for every dollar that men make. When race and the type of job is taken into account, that disparity can be even larger. For example, according to the Bureau of Labor Statistics, white women earn a median $790 per week while black women earn a median $645 per week. White men, on the other hand, earn a median $977 per week. Some jobs have larger gaps as well. Male personal financial advisers earn a median $1,714 per week while female advisers earn a median $953 per week.
Another part of the problem is that some still adhere to traditional gender roles. This means that, after marriage, women are generally expected to provide child care and take care of the house. This prevents them from moving up in their careers and reduces the opportunity to save towards retirement.
Dissolving a marriage can be complex due to the fact that many couples will have to negotiate property division, deal with potential spousal support and resolve child custody disputes. With so much already going on, it can be easy to forget about planning for the future. This is especially important for those who did not earn an income while married. A family law attorney may help a person understand how the potential divorce settlement will impact his or her future finances.
