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Study Shows Women Make Smarter Money Moves Than Men Following Divorce

We All Need A Champion

People often presume that women have more difficulty than men adapting to new financial constraints following divorce, but a recent survey of accountants suggests otherwise.

The survey by the American Institute of Certified Public Accountants shows that women are four times more likely than men to improve their spending habits following divorce and a whopping 14 times more likely than men to actively seek out financial advice after divorce. What is it with men refusing to ask for directions?

In addition, women are twice as likely to pursue a new job after divorce and more than twice as likely to increase their savings for retirement.

Why the Stereotype?

Why, then, the common presumption that men make smarter money decisions than women following divorce? Financial planner Tracy Stewart told AccountingToday.com it is true in boomer marriages, when people are getting divorced later in life, that husbands have handled the household finances more often than wives. "In many instances, this leads to one person in the relationship not having an accurate picture of the family finances, including their retirement savings," Stewart says.

The important step - and women appear to get this - is that help is available and should be sought out, both during the divorce and after a divorce is final.

If you are getting divorced and you and your spouse have accumulated a significant amount of assets during your marriage, it is critically important to consult with a knowledgeable family law attorney who will protect your rights during the property division process. Creating a solid financial foundation for your life going forward occurs during your divorce as well as after it.

How To Prepare for Your Post-Divorce Financial Life

The CPA financial planners who responded to the aforementioned survey identified some key steps that will better prepare individuals for divorce, particularly later in life. These include:

  • Increasing saving for retirement
  • Decreasing spending
  • Establishing a prenuptial or postnuptial agreement

Mason attorney David R. Bruegel has earned a stellar reputation for providing effective legal counsel during divorce and helping clients prepare for the next phase of their life.

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