Divorce can be an intense and exhausting process — especially for women and their finances. On average, women who go through divorce experience a 27% decline in their standard of living, while men actually see their standard of living rise by 10%, according to a study by the Social Science Research Council. And the older you get, the more it impacts your financial situation (and your retirement). Women 50 and older see their standard of living fall by 45% after divorce, compared to a 21% drop for older men.
That’s why it’s so important to gather as much information and support as you can going into the process — and HerMoney is here to help. You’ve been sending us your divorce-related questions, and we answer them in this Mailbag episode. Joining us is Rhonda Noordyk, a certified divorce financial analyst (CDFA) who helps women navigate all the financial aspects of divorce and come out of the other side with renewed confidence. She’s the founder and CEO of the Women’s Financial Wellness Center, which provides private consultations and classes to women considering or going through divorce, and she’s also the host of the podcast, Divorce Conversations for Women.
We hear from one listener who wants to know if she should dig into her savings to pay her attorney’s retainer or put her divorce expenses on credit. Another asks for advice on keeping the house during an acrimonious divorce process. We also talk about getting a prenup, restarting your career after being a stay-at-home parent, and navigating finances with a new partner post-divorce.
Have your own questions about divorce or anything else money-related? Please write to us at firstname.lastname@example.org to be featured in an upcoming episode!
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