If you are on the verge of a divorce, you are about to enter the largest financial transaction of your life. With approximately 50 percent of marriages ending in divorce, this is unfortunately a situation that many people will face at some point.
Recently, there has been an uptick in divorces occurring later in the marriage because parents are waiting until their kids are out of the house before they go their separate ways. In many of these situations, women are the ones who are getting the short end of the stick. After a divorce, a man’s income typically goes down 20 percent on average, while a woman’s income decreases 41 percent. What this means is women who have not been heavily involved in the family finances need to take a more aggressive approach towards all components related to money in their household.
So how can you prepare yourself financially if you think a divorce is impending? Host Lou Scatigna, CFP® provides insight and advice in this segment from The Financial Physician.