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What are the financial effects of divorce?

On Behalf of | Dec 22, 2022 | Divorce

Most divorces in California tend to be expensive. When there are children involved, the financial repercussions affect them as well as their parents.

Financial effects of divorce on women

Divorce statistics show that women tend to suffer more financially than men, and about 20% experience poverty because of it. Many also lose access to health insurance or lose their homes. Women often rely on public assistance for food and other necessities following a divorce, and some do not receive the full amount of child support from the other parent.

Financial effects of divorce on men

The majority of men who get divorced experience a significant change in their standard of living. Research shows that men who do not provide the majority of the family’s income suffer more significant financial hardships. Alternately, those who provide the majority of the family’s income do not experience notable hardships. Some may even see improvements. Men are often ordered to pay child support and many have their wages garnished to fulfill their obligations.

Financial effects of divorce on children

Children of divorced parents tend to have less access to music lessons, sports, summer camps and other extracurricular activities that cost money. Divorce impacts them psychologically as well, and many struggle in school as a result. They are less likely to graduate or have the opportunity to go to college. Some children lose medical insurance coverage. The effects of these problems may negatively impact them throughout adulthood as well.

Divorce may also impact others in the community. For example, friends may try to help their divorced friends by giving them money. Couples who divorce can try to find ways to address financial issues and minimize the impact on children or others who are close to them.