Improve your Financial Situation After Divorce with these strategies, ladies!
Why is the financial situation after divorce still so dire for so many women? Why are women still getting the financial shaft when they get divorced?
The financial situation after divorce for a lot of women is quite dire. I was reading this article on the Guardian website the other day where the author basically excoriates the media for suggesting that all women in big money cases are “gold-diggers.” In fact, as the author rightfully points out that the financial situation after divorce for too many ladies is really bad; the current statistics actually show that most women are worse off financially post divorce than most men. In fact, men tend to emerge post-split a lot richer than when they were married and women, who often times have given up decades of their professional years to raise kids only to find out that they cannot turn back time, emerge a lot poorer. That is to say that they have lost their spot on the professional queue and many are unemployable. They usually cannot regain that earning power they once had or would have had because they simply cannot make up the lost time.
The real question is why is this still an issue in this day and age? Haven’t enough women gotten burned in this very way in enough past generations for this generation of women to realize that it is folly to totally depend on their husbands for their financial sustenance? The fact that one marries a man of means is no excuse to give up one’s earning power in my humble opinion. There is no excuse to allow oneself to become quite so dependant on someone else for one’s financial survival. This, after all, is not our grandmother’s generation. We are responsible for ourselves. (# financial situation after divorce)
What can women do to improve their Financial situation post divorce? From my point of view, if you are one of these women you can:
1. Continue to work at least part time after marriage. Even if you don’t need to work, it is a smart idea to work at least part time in your field – whatever that field is.
2. Stay up with the times and industries to which you belong. Make sure to keep your linked in profile updated. Even if you are a full time mom, you can find 5 hours per week to devote to reading and keeping abreast of what is going on professionally. Once per month you can even meet up with your former colleagues.
3. Contribute articles to reputable industry journals to keep your name out there. This is a way to build up an expertise on a subject or in an area without taking you out of the home all that much. If the time ever comes that you need to find work, people will know who you are and are more likely to answer your calls and emails.
4. Attend industry events even when not actively in the work place. This keeps you in the loop and allows you to build and maintain crucial contacts. If you have (or if your husband has) the means, you can even sponsor some of these events.
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5 Start a home based consulting business that permits you to work at your own pace and to be there for the kids; but at the same time, you are bringing in income of your own, and you are keeping your skills sharp. This is important.
6. Teach a course in your field at least one semester a year and even if just a continuing education course on a volunteer basis. This keeps your name out there and keeps you active without taking you away from the children full-time. If you do this consistently throughout your marriage, then after marriage it is easier for you to capitalize on this experience and find a job in academia if it comes to that.
7. Stay diligent. Do not give up on yourself. Do whatever it takes to get back into it; if you have to go back to school or take a few extra courses on the weekend, roll your sleeves up and just do it.
8. Be proactive when it comes time to find work – if the marriage doesn’t work out. Jobs and careers are funny. They don’t tend to come looking for you; you have to go looking for them.
9. Manage your financial independence throughout the marriage. This means maintain a separate bank account (it could be a bank account, life insurance, stock account, what have you) and keep it replenished. This is for you. It is not a part of the marital res. It is not necessary to hide it from your spouse. You can be open about it; unless you can’t. In which case, stash it away. But have it.
10. Do not apologize for insisting on getting your fair share of the marital res in the event of divorce and for heaven’s sakes don’t mismanage it. Invest it wisely. Unless you were married to a Russian billionaire, chances are you did not and will not get an inpenetrable amount of cash in your settlement. With bad management it will run out.
If one takes at least some of these precautionary measures, surely the financial situation after divorce for more women will be less dire.