Why every woman should prepare for divorce
Posted: Friday September 25 2020
By: Lisa Vaughan
Why every married woman should prepare for divorce
For most married couples, talking about divorce is probably the last thing that they want to do. However, money is a common reason for marriage breakdowns in the UK. A poll of over 2,000 British adults by a legal firm found that money worries top the list of reasons why married couples split up, with one in five saying it was the biggest cause of marital issues 
Gaps in working life
Women will often be the one to take on the caring responsibilities, whether this is for children, grandchildren or elderly relatives. This means they may work less or not at all, and their income is likely to be lower. This is one reason why the gender pay gap sits at around 17%. If women are working less and earning less, they are less likely to have as much opportunity to save for themselves and their future.
In the UK, women currently retire with one-fifth of the pension wealth of men and research from Scottish Widows found that 40% of women stated that their retirement prospects worsened because of divorce.
Understandably, many women may prepare for a joint retirement, with plans to rely on their spouse’s pension in later life. Because of this they may not have been fully involved with financial decisions that related to retirement planning. However, with the rising number of those over than 65 getting divorced, many women could find themselves without the financial safety net that they were once counting on.
During the process of divorce, you are usually asked to make a list of all of your individual and joint assets and liabilities. It’s not compulsory to split pensions, and some settlements leave the pension out of the arrangement entirely. You could therefore be at risk of having less income than expected in retirement, if your retirement provision is less than that of your spouse.