The breakdown of your marriage can leave you with significant decisions to make. Do you stick it out and hope it will get better? Or do you seek a divorce to put an end to things? The problem with divorce is that it can make things worse before they get better. Understanding how long it takes to recover from divorce can help you make the right decision.
How could divorce make things worse?
You may be wondering how things could be any worse than they already are. Yet they can when it comes to your finances. Recent research found men’s income drops by a quarter and women’s by 40% after divorce. It found men took five years to reach previous income levels. Women took five years to reach three-quarters of their pre-divorce household income levels.
A drop in income could affect other areas of your life
Money cannot buy you happiness. Yet having enough money to live on will make things easier. You need to be realistic when preparing for divorce. Much depends on where you sit on the wealth scale. If you are at the higher end, it may mean a radical lifestyle change, yet you will not go hungry. If you are at the lower end of the income scale, a 40% drop in income could have serious consequences.
Plan your post-divorce finances in detail
If your marriage is in serious problems, divorce may be inevitable. The later you leave it, the harder it will be to recover financially. Jobs are easier to come by when you are younger. The sooner you terminate your marriage, the longer you have to build your career and save for retirement. Receiving the financial settlement you need can ease the post-divorce burden.