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What will happen to your standard of living after divorce?

On Behalf of | Sep 9, 2019 | divorce

You know that your standard of living is going to change after you get divorced. It’s a big financial change, and that’s not just in terms of what you have to spend during the divorce itself. Your income and expenses are going to change permanently after you split up. What is that going to look like on a daily basis? How is your standard of living going to change?

It depends, to a large degree, on your gender. Studies have found that the average standard of living actually increases for men, going up by about 10%. For women, though, the impact is much more drastic and it heads in the opposite direction. They see their standard of living fall by 27%.

What does this mean for your divorce? It really just means you need to be well aware of your financial options. If you think that your standard of living is going to drop, what options do you have to seek the support that you need? If you think that it is going to increase, what can you do to protect it?

It’s also worth noting that these gender-specific issues are just averages and do not apply to everyone. There are certainly men who see a drop in their standard of living and women who see things get better. Every case is different and it depends on your personal financial situation, from income to debts to personal assets.

At the end of the day, the financial side of divorce is complex and important, so be sure you know what legal steps to take.