Financial Independence in Marriage: A Personal Perspective
Inspired by Belle Burden's memoir and her own family experiences, the author emphasizes the necessity of financial independence in marriage. Growing up in the 1980s, she observed the financial struggles faced by the women in her family, including her grandmother, who was deceived into signing a will that left her destitute. After her parents' separation, her mother battled to find full-time employment and fell into debt. Research from the University of Michigan Retirement and Disability Research Center reveals that divorced women over 65 are five times more likely to live in poverty compared to their married counterparts. Marrying at 39 with savings, the author chose to keep finances separate, even though her husband earns more. She manages her variable income while he pays for living costs, advocating for women's financial autonomy despite familial resistance.
Key facts
- Belle Burden is author of 'Strangers: A Memoir of Marriage'.
- Burden's inherited assets at divorce were in the multimillions.
- Author's grandmother was tricked into signing a will leaving her nothing.
- University of Michigan research: elderly divorced women 5x more likely to live below poverty line.
- Author married at 39 with a nest egg.
- Author and husband keep most finances separate.
- Husband is higher earner; author has variable income.
- Author saves and invests her income for emergency savings and retirement.
Entities
Artists
- Belle Burden
Institutions
- University of Michigan Retirement and Disability Research Center
- The New Yorker