Building Financial Resilience After Divorce: A Crucial Step Towards Stability

How build financial resilience after divorce with a well-paid career

During April, Supermums is shining a light on the importance of empowering women to earn more.

Having to build finanical resilience after divorce is a common motivation for the women and men who have decided to launch their Salesforce Career with Supermums. Our clients have gone on to buy new homes, support their families and rebuild their lives. It’s so rewarding to see.

Divorce can be emotionally and financially draining, often leaving individuals feeling overwhelmed and uncertain about their future. Amidst the emotional turmoil, it’s essential to prioritise financial resilience to pave the way for stability and independence. Financial resilience refers to the ability to withstand and recover from financial setbacks. It involves having a solid financial foundation, a plan for the future, and the flexibility to adapt to changing circumstances. After divorce, achieving financial resilience becomes paramount, as it empowers individuals to navigate life’s challenges with confidence.

Heather, the founder and CEO of Supermums, is a regular guest on Divorce podcast shows, sharing tips on how to gain financial resilience after divorce, by successfully retraining and launching a new well-paid career. We have enjoyed collaborations with great allies including My Divorce Solution, Jason Levoy aka The Divorce Resource Guy, Divorce etc with the exExperts, and Olivia Summerhill at the Summerhill Firm.

The Importance of Financial Resilience after Divorce

Here are 4 reasons why financial resilience after divorce is important to individuals going through divorce.

1. Single Income Household: Following divorce, individuals often transition from a dual-income household to a single-income or reduced-income situation. This change can significantly impact financial stability, making it imperative to reassess income, expenses, and financial goals.
2. Asset Division Challenges: Dividing assets during divorce proceedings can be complex and may result in a significant financial setback for both parties. Rebuilding financial resources post-divorce requires careful planning and proactive steps to secure a stable future.
3. Ongoing Financial Responsibilities: Financial obligations such as child support, alimony, and mortgage payments may continue post-divorce, adding to the financial strain. Building resilience involves budgeting effectively to meet these obligations while also planning for long-term financial security.
4. Emergencies and Unexpected Expenses: Life is unpredictable, and unforeseen expenses can arise at any time. Having financial resilience ensures individuals are prepared to handle emergencies without derailing their financial progress.

Statistics on Financial Resilience after Divorce

1. Income Disparity: According to the latest data from the U.S. Census Bureau, women’s household income drops by an average of 41% after divorce, while men’s income decreases by 23%.
2. Retirement Savings Impact: A study conducted by the Center for Retirement Research at Boston College found that divorce reduces retirement wealth by 7% for men and 13% for women, compared to married individuals.
3. Financial Strain on Women: Recent research published by the National Center for Biotechnology Information reveals that women experience a more significant decline in their standard of living post-divorce, with 27% falling into poverty compared to 10% of men.
4. Impact on Children: Studies indicate that children from divorced families are more likely to experience poverty and financial instability in their upbringing, underscoring the importance of financial resilience for the entire family unit.

Building Financial Resilience after Divorce – Practical Steps

1. Create a Budget: Develop a realistic budget that accounts for all expenses and ensures that income covers essential needs.
2. Build an Emergency Fund: Set aside savings to cover unexpected expenses, aiming for three to six months’ worth of living expenses.
3. Invest in Education and Training: Enhance employability by investing in education or training programs that can lead to higher-paying job opportunities.
4. Seek Professional Guidance: Consult financial advisors or divorce financial planners to navigate asset division, budgeting, and long-term financial planning effectively.
5. Focus on Long-Term Goals: Set achievable financial goals, such as saving for retirement or homeownership, and work towards them diligently.

Financial resilience is not just about weathering financial storms; it’s about thriving despite adversity. After divorce, prioritizing financial resilience is crucial for establishing stability, regaining independence, and building a secure future. By taking proactive steps and seeking support when needed, individuals can overcome the financial challenges of divorce and emerge stronger, more resilient, and better prepared for whatever the future holds.

How Supermums is empowering people going through divorce

Supermums is empowering men and women to build financial resilience after divorce and earn more through elevating their career choices that enable them to build financial resilience.

We work with businesses and employers who choose to hire and empower women in the workplace

We help both men and women to launch and progress a flexible career within a higher paying profession so it pays to work.

We have actively help clients to:

• Build financial resilience after divorce to buy their own homes
• Increase their earnings to invest in their families and retirement
• Launch a career with progressive earning opportunities.

What our clients say….

Why we care at Supermums

Supermums is an Authorised Salesforce Training Provider and we provide training courses to individuals looking to upskill and launch a new career.
It was founded on a mission to help mums secure a flexible well paid resilient career. The idea originated from our founder Heather Black when she found herself looking for a new career that would fit around starting a family without losing her financial footing. She stumbled across a career in Salesforce and realised other mothers should hear about the flexible well paid career opportunities in tech. Heather is also divorced and appreciates the challenges that single parents face.
This led Heather to completely change career and retrain as a Salesforce Consultant were she was earning £5k ($10k) a month working part time remotely. She felt that if she could do it then others could do to and she launched Supermums to spread the word in Nov 2016. Fast forward to now she has helped over 1300 upskill and retrain across 10 different countries.

Helping women learn in-demand skills

The highest-paid careers are aligned with the most in-demand skills that employers want right now and where talent shortages exist. These opportunities lie predominantly within the technology industry where the digital skills gap is accelerating. Salesforce alone estimate that they will create 9.3m jobs globally by 2026 globally.
LinkedIn highlights the following in-demand skills:

• Cloud computing
• Business analysis
• Emotional intelligence
• A.I. / Artificial intelligence
• Data Analytics ‌

At Supermums we teach these in-demand skills

We help people to launch a career working with Salesforce CRM, the global no 1 Cloud Computing Solution. It is a great example of an eco-system that requires all of these in-demand skills listed above. Working within the Salesforce sector you can choose to work in a range of jobs roles an there is probably one to suit you.

To work in these areas you:

Don’t need:

• a background in tech
• to spend years getting trained up
• to work in a technical role, there are lots of other roles.

Do need:

• A desire to learn
• Technology at home
• Business acumen

Are you looking for a higher paying career?

Are you looking for a financial stability?

Then explore Salesforce as a career choice! You have nothing to loose.

To find out more..

• Download our free Career Plan to learn more
• Book in a free Career Consultation with our team to discuss how you can transfer your skills and experience.