Could a Looming Divorce Propel Your Professional Life?

Divorce can be scary, and the prospect can trigger a range of emotions, including anger, grief, sadness, guilt, and anxiety. While the emotional burden can be hard to bear, there are also major implications for your financial and professional life.

If you know divorce is on the horizon, take a step back and reevaluate your situation so you don’t fall behind.

Why Do People Divorce?

The national divorce rate in the United States as of 2024 is 2.4 per 1,000 population.

The reasons why people get divorced are just as varied as the reasons why they get married. But, according to studies, the most common reasons for divorce include:

• A lack of commitment: One or both parties may not be fully committed to the relationship. If the marriage is not a priority—even for one—then it won’t work.
• Infidelity: Physical and emotional cheating can lead to a breakdown in trust, which can lead to the deterioration of the marriage.
• Conflict: Constant frustration, fighting, and arguing can be damaging to the relationship. If left unresolved, the relationship can sour and end.
• Marrying at a young age: People who marry young may not have the maturity or life experience to make a long-term relationship work.
• Finances: Money troubles are often cited as being one of the biggest contributors to divorce.
• Substance abuse: Drug and alcohol abuse can create other problems, including financial hardship, violence, and emotional distress.
• Domestic violence: Any form of abuse is a valid reason for one spouse to file for divorce.

Divorce and Income

Married couples tend to work and save less when divorce isn’t an option. Income drops for married women by 5% during their working years and by 3% for married men by age 66.

But that changes when the risk of divorce increases. Women often make changes to their working lives when they’re faced with the threat of divorce because of the anticipated emotional and financial challenges.

“Women who feel insecure in their marriage (when that relationship supports household income) are more likely to take steps toward self-support,” says Laura Lynch, a certified financial planner (CFP) and Certified Divorce Financial Analyst who helps individuals navigate their futures after their marriages end.

Women often overprotect themselves and their incomes because divorce doesn’t always provide enough insurance risk, Lynch adds.

While men’s incomes don’t usually change after divorce, women’s incomes often drop by roughly 20%. This can lead to a significant amount of financial stress, which is why many women opt to make a major professional change even before their marriage ends to align with what Lynch calls an “individual-only lens.”

“After a divorce, a woman may be more or less risk-taking with career and financial decisions,” Lynch says. “Divorce presents an opportunity to optimize for a new reality.” This could mean working toward a promotion, a career change, or even starting a new business.

Motivators for Change

People may be motivated to make changes, especially to their professional lives, after their marriages fall apart. These motivators may be personal or financial:

• Separating from your spouse can trigger the need for personal fulfillment and self-reflection. Divorce can also help build self-esteem in some people and restore their confidence, giving them an opportunity for personal growth and directing them toward a new career path.
• Then there are the financial implications, which can be devastating. These can be especially heavy when your partner earns more than you do. Divorce means you’ll need to become financially independent, so you’ll need to look for higher income sources. The strain of maintaining your existing lifestyle can be enough to motivate you to look for a new job, a promotion, or even a career change after a divorce, according to Lynch.

You may also need to change your career priorities, especially if you have other responsibilities. Finding a job with a good work/life balance and a flexible schedule may be important if you have children or are caring for an elderly parent.

Look Out for Yourself

Whether you’re still married or already divorced, it’s important to prioritize your emotional well-being.

“Individuals can deal with the negative consequences of divorce by advocating for themselves during the divorce process,” Lynch says. “Often divorcing spouses experience negative emotions that impact their ability to look out for an unknown future version of themselves.”

That’s because we often prioritize getting over the emotional hurdles of the divorce process rather than looking to the future, which is why you may need to seek support to ensure the best possible outcome.

Avoid behavior that may be considered conflicting or destructive, and look for positive ways to adjust to your new life. This could be joining a support group, opening up to explore new hobbies and interests, reconnecting with old friends, meeting new people, or volunteering. And don’t forget, it’s okay to take a break.

“Having compassion and patience with ourselves in this chapter is important,” Lynch adds.

The Bottom Line

Divorce is a life-altering event that can present major emotional and financial implications. Make sure you prioritize your feelings, allow yourself to grieve, and, more importantly, focus on rebuilding your life.

This means taking charge of not only your emotions but also your finances and your professional life. Don’t be afraid to step back or seek help from a counselor and a financial professional who can guide you through the process.