A 2011 article in Reuters discusses how many women are coming out of divorce after many years of marriage without money management skills because their husbands took care of financial matters. Add to this issue the current economic conditions, and you have many women who are in financially unstable and scary situations.
Divorce rates tend to fall during recessions because people don’t believe they can afford a divorce, but the rates start to climb again as the economy recovers. While divorce rates may fall during the recession, marriage problems may increase because of problems and conflict over money, which may make a couple ready for divorce once the economic recovery begins.
The Reuters piece tells the story of women who had to dramatically change how they lived after they were divorced, such as by moving into a smaller house and suddenly managing the money for themselves and their children. Some women went back to school for a graduate degree in order to earn more money.
Many financial planners and other experts work with newly single women to help them improve financial literacy following the divorce. Women need to look out for scam artists who will try to take advantage of their financial vulnerability, so it is best to start sorting out these matters with an experienced attorney.