On behalf of Cooper, Tanis & Armas, P.C. posted in high asset divorce on Tuesday, August 15, 2017.
For Colorado couples, going through a divorce can be a difficult experience. However, the period after the divorce when a person must rely on his or her own finances can be even more difficult. This is particularly true for women, especially those who stayed at home to raise the children.
Overall, women earn less than men. When median weekly earnings are analyzed, women are paid just 82 cents for every dollar men make. This disparity can become even greater when the type of job and a woman’s race are taken into account. For example, the median weekly income for men in the first three months of 2017 was $977. For white women, the median weekly income was $790 while the median weekly income dropped to $645 for black women. Interestingly, married women’s median weekly earnings were higher than those of women with other relationship statuses by about 20 percent.
Another reason divorce can be more difficult for women is that traditional gender roles, such as caring for the children and housework, often still fall to women. This contributes to some women’s ability to earn a steady income or hold a full-time job. This can also lead to lower Social Security benefits and less opportunities to save towards retirement.
A high asset divorce can be particularly complicated as a former couple likely have considerable assets to divide up. In some cases, these assets could include real estate, property and retirement accounts. Further, a person who did not work or only worked part time during the marriage in order to raise the children may be able to ask for a certain amount in spousal support while transitioning to a single income. People who are in this type of a situation may want to have their family law attorneys assist in negotiating a settlement agreement that protects their financial future.