Eighty percent of the custodial parents in America are women, and custodial mothers are twice as likely as custodial fathers to live below the poverty line.
The title for this phenomenon is "feminization of poverty," that is, the number of women living in poverty. Conservative think tanks blame single motherhood and state that the "poor are simply getting poorer." However, there are some sources that strongly suggest that for many women, particularly custodial mothers, divorce is a passport to the poorhouse. Statistics suggest that after divorce, a woman’s standard of living drops but that a man’s increases. One study put the woman’s loss at 27 percent and the man’s gain at 10 percent.
In her article "How to Help Older Women Avoid the Bag Lady Blues," Carol Ann Wilson, a divorce financial planner, said many middle aged woman go into divorce fearing destitution and a life on the street as a bag lady.
Equitable distribution of assets does not mean 50-50. There are distributions that may seem favorable to women, like awarding her with the marital home so that she and the children can remain there. Yet a house is a barren asset that pays nothing until it is sold, and in today’s market declining market values make sales problematic. Moreover, maintenance and taxes require care in accepting the house as a share of the marital estate.
Even with equitable distribution of the marital estate, woman may fare more poorly because courts undervalue the lifetime value of the largest asset a man has - his career. Likewise, courts often fail to take into account the differences in pay between men and women. Also, people still have a hard time accepting the fact that there is a monetary value to a wife who has advanced her husband's career by taking off a decade or two for childrearing. A wife will find herself at a disadvantage when the value of her contributions is determined.
Even with equitable distribution, the dynamics of marriage can work against a woman when the marriage ends in divorce. In a majority of cases, even among professional couples, the spouses invest heavily in the husband’s career and the wife’s career comes second. Moreover, in traditional marriages, the husband works, and the wife dedicates herself to the rearing of their children.
If you are concerned about your financial future during your separation or divorce contact an attorney to discuss your options.
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