Jump to Navigation

Are high income Arizona residents better off after divorce?

Here in the East Valley, many people who are preparing for a divorce are worried about their finances taking a hit. They are anxious about losing money in the divorce settlement and legal fees, as well as the financial implications of shifting into a single-income household. However, a new study suggests that many of these fears are unfounded.

A study completed by The Spectrum Group research firm found that affluent women are actually quite likely to be better off financially after splitting from their husbands. About two-thirds of divorced women with at least $1 million in net worth say that their financial well-being has improved after divorced.

However, divorced women of more modest means do not fare so well. According to the study, recently divorced women who were not in a high net worth marriage tend to be much worse off after divorce than their ex-husbands. Of this demographic, recently divorced women are twice as likely as men to live in poverty. This, of course, makes it all the more important to work with a family law attorney who will ensure the divorce settlement is satisfactory.

Of female millionaires, on the other hand, more than 70 percent say that they are in a better place both financially and emotionally following divorce. Of these divorced women, about half of them work and are confident about continuing to accrue wealth post-divorce.

Furthermore, the majority of divorced wealthy women think that they are wiser than their ex-husbands when it comes to money and investments, meaning they can better control their assets as a single person.

In order to protect one's finances during and after divorce, it is very important to dedicate special attention to the division of property, assets and debts during a divorce. By looking out for one's best interests during these proceedings, it becomes more possible to emerge from divorce on very solid financial footing.

Source: Financial Advisor, "Divorced affluent women say they're better off financially," July 2, 2012

No Comments

Leave a comment
Comment Information

Wilson-Goodman Law Group, PLLC is one of the East Valley's premiere litigation law firms.

Gilbert Office
538 South Gilbert Road, Suite 101
Gilbert, Arizona 85296
Phone: 480-359-1758
Fax: 480-503-9219
Map & Directions

Queen Creek Office
22035 South Ellsworth Road
Queen Creek, Arizona 85142
Phone: 800-409-2187
Fax: 480-686-9452
Map & Directions

Visit Our General Practice Website

How Can We Help?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

FindLaw Network