Divorce is a complex and emotionally challenging process, often accompanied by financial implications. In the United Kingdom, gender disparities in wealth distribution have been a recent topic of discussion. Lucinda Holliday, Partner and Head of Family and Divorce at Blaser Mills Law, delves into the financial differences between men and women during divorce proceedings in the UK, shedding light on the factors contributing to these differences.
Earning capacity and career disruptions
One significant factor influencing financial differences in divorce between men and women in the UK is earning capacity. Historically, women have faced obstacles in their career advancement due to societal expectations and gender roles. The gap in earning potential often translates into imbalances during divorce settlements.
Women frequently experience career disruptions, such as taking breaks to care for children or elderly family members, which can limit their earning potential. This places them at a disadvantage when negotiating financial settlements. In contrast, men, who are more likely to maintain continuous employment, tend to have higher incomes and greater financial stability.
Division of assets
Another aspect contributing to financial disparities is the division of assets during divorce. In the UK, matrimonial assets are typically divided equally if that meets their respective needs, considering factors like property, savings, pensions, and investments. However, in practice, the division may not always result in an equal distribution.
Gender gaps in wealth accumulation can affect the division of assets. For instance, if one partner has contributed significantly more to the marital assets, they may be entitled to a larger share. In cases where the man is the primary breadwinner, this can result in a financial advantage for him, leaving the woman with fewer resources post-divorce.
Maintenance payments
Maintenance payments play a crucial role in determining the financial outcome of a divorce. Historically, women were more likely to receive spousal maintenance, as they were often financially dependent on their partners. However, societal shifts have seen an increase in women’s financial independence and an increase in the Courts opting for clean breaks if possible where there is no maintenance or maintenance for only a number of years.
Despite these changes, women are still more likely to be financially disadvantaged after divorce. They often face higher levels of financial need due to factors like childcare responsibilities and lower earning potential. As a result, they may require ongoing financial support from their ex-spouses. However, the awarding and enforcement of spousal maintenance can be contentious, and many women do not receive the full support they require.
A multi-faced approach
Financial differences between males and females in divorce proceedings in the UK can be attributed to various factors. Earning capacity disparities, career disruptions, unequal division of assets, and challenges in securing adequate spousal maintenance all contribute to the imbalance. As societal norms continue to evolve, efforts must be made to promote gender equality in both financial and professional realms.
Addressing these disparities requires a multi-faceted approach, including promoting equal career opportunities, encouraging shared parental responsibilities, and ensuring fair division of assets and support payments. By working towards a more equitable divorce process, we can strive for financial parity between males and females, fostering a more just and inclusive society.
Get in touch with Lucinda
Having experienced a divorce herself, Lucinda understands the emotional strain and stress that an individual may be going through allowing her to offer valuable advice and support to her clients.
To speak to Lucinda call 01494 478603 or email ljmh@blasermills.co.uk.