Becoming a full time caregiver is no small sacrifice. Caring for elderly parents or young children requires a significant input of both time and emotional well being, and most people who take on this role put their careers on hold. Although this is no doubt a noble sacrifice to make, it can quickly complicate matters in the event of a divorce.
For the most part, Colorado caregivers who do take on the role as a full time occupation are able to do so because their spouse’s income is sufficient to support the entire family. With this type of financial support, caregivers can put their own financial goals on hold while they give the type of personal care that is often necessary for vulnerable loved ones. This arrangement can work perfectly fine during the course of a marriage, but the real issue arises when a couple decides to pursue a divorce, leaving the caregiver in a state of financial worry.
Caregivers are usually less financially stable than spouses who pursue their career goals. As a general rule, divorced caregivers are more likely to ignore their own financial needs in order to ensure the continued care of loved ones. They are also much more likely to take on higher amounts of credit card debit while simultaneously putting less money into savings.
While women tend to take on the majority of caregiver roles in Colorado, an increasing number of husbands are opting to abstain from pursuing careers in order to take care of needy family members. No matter which spouse sacrificed a career and financial security during a marriage, spousal support is especially helpful. Although not a permanent solution, the temporary support provided by alimony after a divorce is often sufficient for transitioning from the role of caregiver to a financially independent individual.
Source: Forbes, “The Financial Wellness Gender Gap: Concerning For All Women, Dangerous For Women Divorcing In 2016“, Jeff Landers, Jan. 11, 2016