As you prepare for your divorce, you may stay focused on your immediate needs. However, as the ruling finalizes and the dust settles, you will start figuring out how to live without your former spouse. But how will single life affect you?
Divorce has a significant financial impact on both spouses. But many women often find themselves at more risk than men of falling behind in their finances. As each spouse transitions into post-divorce life, women may have more money struggles.
Women see financial loss after divorce
According to the London School of Economics, women see a 20% drop in income after divorce. And many women who chose to stay home and take care of children struggle to build a career as a single parent. Without experience in the workplace, they may only find low-paying jobs.
With less money available to them, women struggle to be the primary provider in their household. They must pay for housing, bills, child care and more with a sole income. As they try to start a new life, they often have difficulty in building their finances.
Budgeting for life after divorce
While women can struggle more with finances, planning a post-divorce budget can help prevent financial troubles. A budget can prepare women for life after their separation.
Once you make the decision to divorce, you should start listing any expenses you expect. These can include
- Rent or mortgage for a new home
- Bills for utilities
- Car payments
- Credit card bills
- Health insurance
Preparing for your bills can help you save money before the divorce. Starting with a solid base may help you avoid financial struggles.