Divorce can have a massive impact on your income. Exactly what that impact looks like, though, largely depends on what your gender is and if you worked before you got married.
The gender gap is massive. In one report, women saw their average income fall by 20% when they got divorced. Men, on the other hand, saw an average rise in income of as much as 30%.
This counters some old cliches about divorce, the authors pointed out. People sometimes accuse women of taking money from their husbands and living in luxury after divorce, all without working. This is clearly not what happens. If anything, it’s very hard for them to make ends meet and this report just underscores the need for things like spousal support or alimony.
In some senses, this also shows why child support is so important. Say a woman gets custody of her children all week, and her husband sees them on the weekends. She has vastly higher costs than he does in that arrangement, and she could see an income decline of 20%. Her ex stays involved with his children, but his costs are much lower and his income is 30% higher. Child support can help to even things out so that the children get what they need, regardless of where they live.
The financial side of a divorce case is complex and it can certainly get contentious when both people do not agree. As such, those who are going through a divorce need to make sure they fully understand their legal rights. If you’re facing a divorce, find out more by talking over the specifics of your situation with an experienced attorney.