My Money Advice to Maria Shriver and Other Women Divorcees
With the news of Arnold Schwarzenegger and Maria Shriver separating, it calls to my mind one area that we don’t always talk about at first – money. Mainly women and money after divorce.
My own parents are divorced and I lived firsthand the experience that many women have when they separate from their husbands. Statistics abound on how a woman’s lifestyle drops after a divorce while many males lifestyle actually increases.
So how does a woman prepare for the financial aspects of divorce? Well, if Maria Shriver were to ask me, this is what I would say:
Know What is Going On During the Marriage
I realize this might be too late for Maria, but it never hurts to say! Many women delegate financial decisions to their husbands. A recent study from ING showed that many women considered themselves “traditional” which translated to not needing to take care of the money.
By delegating control of the finances women hurt themselves. They don’t know what is going on, they have no impact on how money is saved and ultimately they end up paying for the ignorance decision. It might not affect you in a divorce situation, but it can cause the same problems after the death of a spouse.
Take the Emotions Out
By nature we women are more emotional creatures. We worry not only about ourselves, but our children and friends and family. This can be detrimental to our future security in a divorce. The legal and financial side of the divorce should be treated as a business. Leave the emotions at the door when dealing with the settlement. Leave the emotional side for caring for your children and crying over a glass of wine with a friend.
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