Divorce can have a significant financial impact on both men and women, but the effects are often more pronounced for women. This is due to a number of factors, including differences in earning power and experience in managing finances. At The Heartful, we believe knowledge is power, so use these statistics to improve your post-divorce financial outcome (and not despair and lose hope. Read to the end about our suggestions for earning more and becoming more financially literate after youor divorce).

According to the U.S. Census Bureau, women typically earn less than men, and the gap is even wider for women of color. In 2019, the median earnings for women were 82% of the median earnings for men. This means that women are often more financially dependent on their partners and may have less earning power to fall back on in the event of a divorce. This is also why women tend to stay in unhappy marriages, a situation that can negatively effect mental health.

Additionally, research has shown that women are often less financially literate than men, and may be less confident in their ability to manage money. This can make it more difficult for them to negotiate a fair financial settlement during a divorce, and may leave them more vulnerable to financial exploitation.

So firstly, the bad news.

The financial impact of divorce on women can be severe, especially in mid life. According to a study by the American Academy of Matrimonial Lawyers, 81% of divorce attorneys reported an increase in the number of women seeking representation in divorce proceedings in the last five years. The study also found that 63% of divorce attorneys reported an increase in the number of women seeking representation in post-divorce proceedings, such as modification of child support or alimony.

The study also found that in 82% of the cases represented by women in divorce proceedings, the primary financial concern of the client was a lack of financial resources. Additionally, 75% of the cases represented by women in post-divorce proceedings, the primary financial concern of the client was a lack of financial resources.

The financial impact of divorce on women can be long-lasting. According to a study by the National Center for Family & Marriage Research, women who divorce experience a greater decline in their standard of living than men who divorce. The study found that, on average, women's standard of living declines by 27% following a divorce, while men's standard of living declines by 10%. Additionally, research has shown that women who divorce are more likely to fall into poverty than men who divorce, this according to a study by the Urban Institute.

However, it's not all negative.

Many women make a strong financial recovery after divorce. A study by the Federal Reserve Board found that, on average, women's income increases by 37% in the first year after divorce, and continues to increase in the following years. At The Heartful, we have seen countless numbers of women work with us to increase their self-esteem, clarify their intentions, and land jobs and bonuses of their dreams.

It's important to note that the financial impact of divorce on women can vary depending on a number of factors, including the length of the marriage, the couple's income and assets, and the presence of children. It's also important to really understand that the impact of divorce can be mitigated with proper planning and support.

You can make things work for you

Yes, divorce can have a significant financial impact on women, due to factors such as differences in earning power and experience in managing finances. Yes, women often experience a greater decline in their standard of living following a divorce and are more likely to fall into poverty. However, this doesn’t have to be you. With proper planning and support, the impact of divorce can be managed and you can absolutely make a strong financial recovery after divorce.

Manifestation works when things aren’t going your way

Since we like to look at things from a number of unique perspectives, we’re going to go ahead and suggest you manifest the shit out of your situation right now. There are so many people doing manifestatiion courses that work. Fact is, the patriarchy is, at the end of the day, still running the world. Yes, there are systems of oppression not working in a woman’s favor—so that’s why we say go ahead and do what women did centuries before. Get creative (they were once called witches). We’ve seen countless numbers of women get clear on their intentions, list what they want to manifest or acheive, work on their self worth, expand their idea of what is possible (tip: surround yourself with people who have what you want), and acheive their goal/dream job/income. Our founder Emma works with women to help them energetically line up with their manifestations and has a whole process and may expand on this in the future.

Check out our tips for both money management and manifestation, below:

Tips to manage your money right after a divorce:

Create a budget: Make a list of all your income and expenses and determine how much money you have available each month.
Prioritize expenses: Determine which expenses are essential and which can be cut back on or eliminated.
Get organized: Keep all financial documents in one place, such as bills, bank statements, and tax returns, to help you stay on top of your finances.
Seek professional advice: Consider consulting a financial advisor or attorney to help you navigate the financial aspects of your divorce.
Start saving: Start setting money aside each month to build an emergency fund and save for your future.
Review your credit report: Review your credit report and take steps to improve your credit score if necessary.
Negotiate with creditors: If you are having trouble paying your bills, talk to your creditors to try to negotiate a payment plan.
Be mindful of your spending: Be mindful of your spending and try to avoid unnecessary purchases.
Be realistic about your financial situation: Be realistic about your financial situation and try to make the best of it.
Plan for the future: Start thinking about your long-term financial goals and make a plan to achieve them.

Tips to manifest what you want

Manifestation is the process of bringing your desires and goals into reality through high self-worth, not settling and taking aligned action. Here are some steps you can take to manifest what you want:

Clearly define what you want: Be specific about what you want to manifest, and make sure it is something that you truly desire and that aligns with your values and is achievable in the next year.
Believe in the power of manifestation: Believe that your thoughts and actions can bring your desires into reality.Why? You deserve it. We weren’t born to live in lack and fear.
Visualize your goal: Create a mental image of your goal and imagine yourself already having achieved it.
Take action: Take small and consistent steps towards your goal.
Let go of doubts and negative thoughts: Let go of any doubts or negative thoughts that may be holding you back.
Work on your self-worth. Say no to anything that isn’t good for you or aligning with your authenticity.
Be grateful: Be grateful for what you already have and for the things that you are manifesting in your life.
Stay positive: Keep a positive attitude and focus on your goal. But also if you feel negative, find out why and trace it back to your childhood.
Trust the process: Trust that the universe is working in your favor to bring your desires into reality.

It's important to keep in mind that manifestation takes time and effort, and that it's not a magical solution to all of your problems. But with persistence, positive thinking and action towards your goals, you can manifest your desires into reality.

Check out our courses and resources and resources that help women protect their financial well-being during and after a divorce.

Divorce's Financial Impact Is Worse For Women - But You Can Be The Exception