Women 'hit harder by divorce'
Women's finances are hit harder than men's by divorce, according to the US-based financial planner Faith Xenos.
She claims that on average, women experience a drop of around 45 per cent in their standard of living post-divorce, compared to a 15 per cent drop for men.
While women often take ownership of assets in the form of property, this can act as a financial drain if mortgage payments still need to be made, she explains.
And since custody of children is in many cases granted to women, this too can have a negative impact on the finances of a female divorcee.
Meanwhile, men often come out of a divorce with the ability to earn a higher income.
"When it comes to divorce, women need to get their heads out of the clouds and take the steps to protect themselves from falling into financial crises," Ms Xenos remarks.
Issuing advice to those going through a divorce, she said women should try to avoid a court battle where possible as this "will never yield any better than 50/50".
The divorce rate in England and Wales fell by seven per cent in 2006 compared to the previous year, according to figures from the Office of National Statistics.
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Published on: July 29, 2008
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