Couples who get divorced can restore their income quickly but their long-term wealth never recovers from selling assets in the split.
Women recover their previous income levels within a few years of divorce, while men rarely take a hit to income at all, even if they pay child support, research suggests.
When Lyn Sheehan, an optical dispenser from Wollongong, faced divorce at age 51 after more than three decades of marriage, it was an alarming prospect.
“I remember how fearful I was about my future 15 years ago,” Sheehan says.
She is now 66 and living comfortably, which she attributes to some good financial decisions.
….“But once separation occurs, the one who was not across the finances will not have much idea what to do because they have relied on their partner. For them it’s particularly important to seek advice and a get a good financial plan.”
