Wednesday, February 18, 2009

Facing Divorce? Be Sure to Protect Your Finances

In The Observer’s January 25, 2009 edition, an article entitled “Men become richer after divorce,” written by Amelia Hill, a social affairs correspondent, exposed truths regarding the financial well-being of divorced spouses who have children. In a study conducted by Stephen Jenkins, director of the Institute for Social and Economic Research and chair of the Council of the International Association for Research on Income and Wealth, findings reveal a father’s income rose by one third after divorce, and a woman’s income fell by more than one fifth after divorce regardless of whether the female is a mother. In concordance with the findings, Ruth Smallacombe, a family consultant at Resolution and Family Law in Partnership (Flip) stated, “The general belief that men get fleeced by their divorces while women get richer and live off the proceeds has long been due for exposure as a pernicious myth.” While 27% of separated women are impoverished, less than 9% of separated men face this challenge. Women need to be prepared for the obstacles they may face after divorce. Remember, marriage is a shared partnership. To learn more about how to ensure that you receive your share of the marital property, read WISER’s newly published report entitled, “Divorce and Retirement: Take Control of Retirement Benefits.”

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