It will come as no shock to anyone that some marriages in Illinois and across the country will end. Though all couples who choose to marry likely do so with the intent of spending the rest of their lives together, the reality is that some relationships will end in divorce. Unfortunately, some women may be at a financial disadvantage.
Though the attitudes regarding the distribution of labor and appropriate gender roles have changed significantly over the years, some still remain the same. For example, a 2018 study examined the involvement of women in the financial planning process within their relationship. The study found that a majority of women remain uninvolved in these types of decisions, instead deferring to their spouses.
Unfortunately, this can hurt women during the divorce process. However, there are steps that women can take to ensure active participation in financial decisions. For example, it is important to be aware of assets and liabilities, income sources — both those that are varied and those that are fixed — as well as being aware of expenses, insurance and beneficiaries.
The decision to seek a divorce is often an emotionally difficult one to make for all parties involved. Many people living in Illinois have also found that it comes with some financial ramifications as well. Fortunately, experienced professionals can help those seeking the next chapter of their life fully understand their circumstances, helping them determine what — if any — financial adjustments must be made and helping them pursue the pursue the goals that will allow them to live their happiest and most fulfilling lives.