People in Wisconsin who are going through divorces should carefully consider what their finances will be like following their divorces. While both men and women may experience financial hits when they divorce, women are especially affected.
Overall, women tend to earn less than men earn, making divorce a potentially financially devastating prospect. On average, the Bureau of Labor Statistics reports that women earn just 82 cents for every dollar that men earn. White women earn a median income of $790 per week as compared to the $970 median income earned by white men. The disparity is even worse for black women, who have median incomes of $645 per week.
Women who worked at home as housekeepers and parents during their marriages may face even bigger disadvantages following their divorces. Even if women are working, going from a two-income family to one income can be difficult. Women and men may need to take the time to think about how they might downsize their lifestyles in order to meet their budgets. They might think about getting additional education to advance their careers and planning to retire through more aggressive investment strategies.
The ability to retire and other post-divorce financial considerations should come into play during negotiations about how to divide the assets. People might want to get help from experienced family law attorneys so that they can gain a better understanding of what their post-divorce finances might be like. It may also be smart for people to talk with certified financial planners for advice about establishing budgets based on their own incomes as well as savings strategies for retirement. The attorneys may work with financial planners to try to negotiate agreements that will best protect their clients and their ability to retire. People might need to consider moving to smaller homes that are more affordable and negotiating higher portions of their spouses' retirement accounts.