In the field of matrimonial law, it’s common knowledge that more women file for divorce than men...by a landslide. In one study by Michael Rosenfeld, a sociologist at Stanford University, who analyzed data from 2009 to 2015, he found that 70 percent of divorces between heterosexual couples were filed by women.
“Rosenfeld argues that for women, marriage itself is burdened by outdated expectations and hasn’t evolved to fit current expectations for gender equality. For instance, the women who reported more dissatisfaction in this study also reported that loss of independence and controlling husbands were the primary cause of their unhappiness (American Sociological Association, 2016),” according to an article in Psychology Today.
In light of the above, not only do more women file for divorce first, but these women should be seeking financial advice before they drop the divorce bomb, which we explain below.
Why Should Women Seek Advice?
Contrary to what is depicted on TV and film, rarely does a woman come to our firm and say she wants to take her husband to the cleaners. Nor do we see women who are trying to hide assets so their husbands won’t get their fair share of the marital estate. Often, women come to our office who want to leave, but they’re undecided on what to do because they aren’t educated on the financial impact of a divorce. These women want to understand how their finances would shape up if they were to file for divorce.
When a woman (or man) is in an unhappy marriage, they should not let their worries over the financial implications of divorce be the determining factor if they stay or file for divorce. Too many women stay in physically or emotionally abusive marriages because they lack the confidence and financial knowledge to end their toxic marriages.
“Think of your finances like anything else in life — when you’re knowledgeable about a topic, you can walk into any discussion with your head held high, ready to share your perspective. But when you walk into that same room with unanswered questions or a lack of understanding, your confidence takes a hit,” Stacy Francis wrote in Forbes.
To gain a good understanding of your finances, especially if you have a high-net-worth divorce, we recommend meeting with a financial advisor who can slowly but surely help you gain a better understanding of your financial situation and how it will look after the divorce. If you’re not ready for that just yet, we invite you to meet with a member of our legal team and we’ll help get you started on the right track.