Disparity between men and women on divorce
Disparity between men and women on divorce
The impact of divorce on household income hits women twice as much as divorced men
A recent report from Legal & General Retail has highlighted yet another disparity between men and women on divorce. Research conducted between 20th November to 4th December 2023 showed that women are likely to see their annual household income fall by an estimated 41% in the first year following their divorce, compared to just 21% for men,
The research was conducted among a nationally representative panel of 2,750 UK adults who are divorced. It showed many factors at play in causing such a disparity – one being that men are more likely to be the main breadwinner in families (70% compared to 21% of women), and commonly earn more. This presents a challenge as couples separate their finances and fund two separate households.
The research also highlighted that as many as one in four women struggle financially post-divorce compared to their male counterparts. This in turn naturally leads to an increased likelihood of worries about the cost of essentials and how these will be met on only one income post-divorce.
Whilst those surveyed agreed that the division of their finances at the point of divorce is fair and equitable, the research has found that many women may be signing over their rights to a key financial asset.
Despite the pressures on their finances, women are significantly more likely to waive their rights to a partner’s pension as part of a separation (30% women vs. 17% men). This raises concerns about the ability of women who are divorcing to fund their retirement, due to a significant gap in pension wealth at the time of divorce.
In all divorce cases, getting early legal and financial advice is critical. Our experienced family law solicitors can provide legal advice and options at every stage of the process. We also work closely with many financial advisors and can build the right team of people to assist you with the whole divorce process.
For more information or to book an initial consultation contact our family law team today at Kerseys Solicitors in Ipswich at [email protected] or telephone 01473 213311, Kerseys Solicitors in Felixstowe at [email protected] on 01394 834557 or Kerseys Solicitors in Colchester at [email protected]
on 01206 584584.
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