Divorce Inequality For Women

Men tend to think that the big losers in divorce are men. Whether it's because of child support payments, dividing the assets with their wives, or just feeling that divorce court is unfair, men are certain that women are bigger winners in the divorce process. But the numbers don't lie: women overwhelmingly get the short end of the financial stick in divorce.

Depending on what statistic you read, most show that women come out of divorce more in debt and with fewer resources to live on. They usually end up with less than half of the marital assets, and are often coerced into giving up support payments that they are legally entitled to. Many divorced women are living paycheck to paycheck and the amount of support awarded in their divorces isn't going as far as it used to.

Lots of women either put their careers on hold or gave them up altogether for the sake of taking care of their children and households. Of course, this was a rewarding choice while happily married, but if you are solely dependent on your husband's income and have blindly trusted him to manage all or your family's money and assets, you could be in for a shock, if you find yourself getting a divorce.

Here are a few things women can do to protect themselves financially:

Prenuptial Agreements (The PRENUP)
Prenup is no longer the bad word. Anyone remember George asking Susan for a prenup on Seinfeld (circa 1996)? Over two decades later, there is still a stigma associated with prenups, but there shouldn't be. Prenups protect both you and your spouse. It's a way to have mutual respect for what you each bring into the marriage and more importantly, it is the start to open communication about the money in your marriage.

The prenup is the roadmap for how the finances will be handled if you ever divorce. It's meant to protect both people, no matter who makes more or who comes into the marriage with more. And if you're already married and didn't do a prenup, you can still protect yourself with a postnuptial agreement, or postnup.

Money Talk
You and your husband both need to understand your family's finances. It's fine for one spouse to make sure the bills are paid and manage the day-to-day finances, but both of you need to know where the money is, how much there is, and what your money is being spent on. If you're not actively involved in your family's finances and don't know what is going on with the money, now is the time to start having money talks.

Regular conversations about what's happening with your family's budget, upcoming expenses, and financial goals help keep you on the same page. It also provides accountability for the spouse who is managing the money.

Make Your Future Your Priority Now
Even if you've never been involved with the finances before, you can make money an important part of your life going forward. It starts by taking a look at account statements, understanding what is on your tax return, and making sure that you have some financial independence. Whether you're in the process of divorce or just thinking about the possibility of divorce... the time is now to take proactive steps to protect your money and yourself.