Can Women Be Financially Better Off after a Divorce?

by Norris Law Group on September 9, 2014

Can Women Be Financially Better Off after a Divorce?An article by Emily Levy, a writer for Learnvest, a financial information website, examines whether women may actually be “better off” after divorce—at least, financially.

A 2012 study by financial consultancy firm The Spectrem Group found that 62% of divorced women designated in a survey as “high income” (a personal net worth $1 million or more) say that they believe they are better off financially after divorce.

The divorced women surveyed said that their financial literacy” greatly improved after they divorce, and cited this improvement as the most useful thing to come out of their divorce experience. Approximately 75% of the respondents also said that divorce encouraged them to work harder to become either “knowledgeable or very knowledgeable about investments.” George Walper Jr., President of The Spectrem Group, says: “Many wealthy divorced women told us that they feel they are better with money and investments than their former husbands.”

The Spectrem Group’s survey further discovered that while high-income divorced women said they were better off financially, divorced women with a net worth of less than $1 million have a very different tale to tell. George Walper says, “[The] financial well-being [of high-income divorcées] differs sharply from other divorced women, especially recently divorced women, who are twice as likely to live in poverty as recently divorced men.”

According to Walper, high-income women take on more financial responsibility after divorce most likely because they are in a better position to do so: “High levels of wealth combined with financial acumen seem to insulate affluent women from the financial hardships that often accompany divorce.”

Attorney Graham Norris and his associates at the Norris Law Group serve the residents of Utah County, UT and throughout Utah, Wyoming and Idaho. Contact them today at 801-932-1238 or online for a free consultation.

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