The Pandemic Has Exposed the Gap in Women’s Financial Needs
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The COVID-19 pandemic left married couples across the country cooped up together in their homes. While some have been able to work through the stress and challenges of quarantine, many have felt the strain on their marriages. Couples have found themselves juggling childcare, school, work, household chores, and finances, all the while worrying about their health and the health of their families during a global pandemic.
Increased marital stress is highlighting the financial challenges divorce brings, especially to women. Divorced women face changes in their lives that are both emotionally and financially devastating, and studies have shown that there’s a higher probability that women will face a decline in their financial stability compared to men. The outcome is worse for women who have delayed their careers to stay home and take care of their families. This is why it is important for divorcing women to have a financial advisor on their team who can help them with their long-term financial goals.
As a family-law attorney, here are some of the most important factors I have encountered and that you should keep in mind so that your client’s financial needs are met.
The pandemic has forced millions to work remotely. Unfortunately, women have suffered the most, as they make up a large percentage of the education, office and administrative work, and social services workers – all of which have been severely affected. Additionally, many women had to take time off from their jobs to provide childcare at home and assist with distance learning. Not only has the crisis caused greater levels of stress and financial instability, but it is widening the gender pay gap, according to a recent NPR report. This issue affects women in many industries, and while the gender pay gap has improved over the last few decades, women still have to work harder than men to earn enough money to support themselves.