BMO Survey: Not Managing Money During Marriage Can Cost Women Big in Divorce

• Many women who left household finances to their spouses walked away with lower-than-expected divorce settlements and spent years rebuilding financial confidence; in nearly all cases, financial advisors were key in their recovery.

CHICAGO, Oct. 22, 2025 /PRNewswire/ - New research from BMO, The Confidence Gap: From Uncertainty to Financial Clarity, The Journey to Rebuilding Wealth After Divorce, found women face significantly greater financial challenges during and post-divorce if their spouse managed the household's finances during the marriage. The survey also found that financial advisors play a pivotal role in helping women rebuild financial confidence and clarity, with 97% of respondents who worked with one reporting improved confidence post-divorce.

"Divorce is not only an emotionally traumatic experience, but it can also be a financially traumatic one, too," said Michele Havens, Head, BMO U.S. Wealth Management. "Women who were inactive in their household's finances during their marriage often feel unprepared and blindsided by the financial stressors that a divorce brings. A financial advisor can be a stabilizing force, helping women regain control, rebuild confidence, and chart a new path forward. With the right guidance, financial independence becomes not just possible, but empowering."

For respondents who deferred money management responsibilities to their spouse, the survey found that:

• Divorce settlements were lower than expected: When their spouse was responsible for pre-divorce finances, respondents were significantly more likely to report that their divorce settlement was lower than they expected – 40% said it was lower compared with just 9% who shared responsibilities and 10% who were themselves responsible.
  
  
• Financial confidence plummeted during the divorce: Only 1 in 3 (36%) respondents felt confident managing their finances during the divorce, compared to nearly two-thirds (64%) during their marriage. Conversely, those who shared money management responsibilities equally during the marriage were more likely (68%) to report that financial confidence remained the same during the divorce versus during the marriage.
  
  
• Financial confidence remained low post-divorce: Half of respondents (50%) whose spouse was responsible for the finances during the marriage felt financially confident post-divorce. That figure was much higher (90%) for respondents who shared equal money management roles with their spouse during the marriage.
  
  
• It can take years to achieve financial confidence after divorce: 39% of respondents said rebuilding financial confidence took more than a year post-divorce.

"Financial confidence doesn't happen by accident; it's built through active participation. Women who take a hands-on role in managing their household finances are far better positioned to navigate life's transitions," said Amy Hale, Executive Sponsor, Women & Wealth, BMO Wealth Management. "Staying engaged in decisions around saving, investing, and planning isn't just smart, it's essential for long-term financial security."

Additional findings include:

• While 92% of respondents had separate retirement accounts from their spouse during their marriage, only 32% reported separate investment accounts.
• Nearly half (49%) of respondents relied on referrals from family and friends to find a divorce attorney.
• Nearly all respondents (89%) said their attorney was helpful in positioning them to meet future financial goals.
• Most respondents (63%) relied on referrals from friends and family to hire a financial advisor.

BMO offers the following tips for navigating the financial complexities of divorce:

• Assemble a team of experts: Divorce is a financial, legal and an emotional journey. Attorneys and financial advisors are key professionals who can provide information, support and direction during and post-divorce.
• Set financial goals: Once the divorce is over, it's important to establish short-term and long-term financial goals.
• Keep track of finances: One of the most important metrics in financial management is spending vs. income. Keeping track of how much money is spent and how much money is earned is critical intelligence for long-term financial success.
• Savings vs. investments: Saving money is important, but growing one's wealth is even more important. A clear and strategic investment plan helps to ensure a financially sustainable retirement.
• Think long-term: Building wealth takes time, and while the post-divorce years may seem daunting, maintaining a long-term approach and outlook can help to reduce stress and provide clarity when setting financial goals.

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The research detailed in this document was conducted by Schmidt Market Research from March 10th to April 2nd, 2025. A sample of n=362 female adults ages 40-70 who were divorced within the past 5 years was collected. The respondents each had at least $1 million or more in investable assets: 51% had between $1 million - $2 million, while 49% had $2 million or more.

About BMO Financial Group
BMO Financial Group is the seventh largest bank in North America by assets, with total assets of $1.4 trillion as of July 31, 2025. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

SOURCE BMO Financial Group