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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

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