When You are the One Paying SupportEva Sachs
According to a recent study done by Prudential Insurance in the U.S. of the 1,140 women and 604 men surveyed, it was reported that 22% of women ( married or with a partner)made more money than their husband or partner.
This economic statistic is certainly a factor why women increasingly are paying support. However, in our society, women seem surprised to have to pay support even if they earn more. As the financial gender gap continues to narrow, an increasing number of women involved in a divorce must confront the possibility of paying support to their spouse. (AKA, “Manimony”).
I have assisted many divorcing women who face the prospect of paying support. Women who have worked hard building careers, taking care of children, dealing with aging parents, feel that they have contributed more than their fair share while married.
This also means that women are increasingly responsible for their finances and investment decisions. This is an area where women have less confident in their knowledge of finances. This adds addition pressure and concerns for women who have to deal with ongoing payments along with managing their current lifestyle and worrying about retirement.
Are you someone who makes more money than your spouse? If you found yourself in this situation, how did you deal with this issue?
Posted: August 21st, 2012 under Finance, Financial Planning, Personal Finance.
Tags: Budgeting, Divorce, divorce budgets, divorce financial planning, family finances, grey divorce. late in life divorce, mediation, money women & divorce, separation, settlement agreement, you and your money