On the red carpet for the premiere of the 29th season of The View, the popular daytime talk show starring Whoopi Goldberg, Entertainment Tonight asked the star if, at almost 70, she’s ready to step back.
The Oscar winner joked [1], “If you don’t marry well, you gotta keep working,” adding, “I gotta keep paying those bills, baby.”
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Goldberg, whose net worth is estimated in the tens of millions [2] and whose annual salary at The View is likely seven figures [3], is responsible for keeping her family afloat financially [4]. Though she has faced criticism over the years for saying she understands the financial hardships of everyday people, in a way she is right: Studies show that marriage is a significant factor in most people’s financial well being [5].
The Sister Act star has been married three times: to Alvin Martin (1973–1979), to David Claessen (1986–1988), and to Lyle Trachtenberg from 1994 to 1995, six years before her debut on The View [6]. She has one child with Alvin Martin, three grandchildren, and a great-granddaughter. The details of her divorce settlements are private, but the impact of divorce on finances — especially for women — can be severe.
What divorce really costs
A recent working paper from the U.S. Census Bureau found household income typically falls by about half at the time of divorce, and only partially recovers that loss over the next decade [7]. The math is simple: Couples share expenses, from housing to transportation to childcare. Often (though not always) partners combine their finances, and splitting those assets during a divorce is costly and time-consuming.
If you’ve been through a divorce, you know: If you’re at that point, the cost is worth it, and staying together might even put more financial stress on you than simply separating. That said, the process can be very expensive. Out-of-pocket costs vary by case. According to LegalZoom, a very simple and amicable divorce could cost as little as $500, if you do all your own paperwork and forgo legal representation [8]. Meanwhile, a 2019 survey of DivorceNet readers found the average divorce cost $11,300 for legal representation for each person, with a median of $7,000 [9]. A complicated divorce with many assets, however, will cost many times that much.
Uncontested divorces are far cheaper, which means if you split peacefully, you won’t spend as much on lawyers. Unfortunately, divorce can be complicated both logistically and emotionally, and the more conflict there is, the higher the legal fees it will take to sort it out.
Sadly, the financial impacts of divorce still fall more heavily on women. A 2012 Government Accountability Office review found women’s household income fell about twice as much as men’s after divorce [10]. Later studies on “gray divorce,” or splitting at age 50 or later, show women’s standard of living and financial security in retirement both take a bigger financial hit than men’s post-divorce [11].
Read more: Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
How to protect your finances before and during a split
Here are practical steps to keep a breakup from becoming financial free fall. Use this checklist to lower legal costs, protect your core assets, and keep your cash flow steady while you navigate the transition.
- Build a cash buffer that covers three to six months of expenses so you can manage a move or pay a legal retainer without taking on high-interest debt such as credit cards.
- Keep good records on your income, debts, account statements and property titles. Good documentation cuts down on billable hours the attorney will charge.
- Mediation or a collaborative approach is often cheaper and faster than litigation. If at all possible, be willing to negotiate with your partner without involving the courts.
- Understand your health benefits and know that divorce changes your tax filing status and credits.
- A qualified domestic relations order (QDRO) is the part of the divorce agreement that determines how your retirement savings will be split. Make sure you understand how it works, and the tax implications, before you split 401(k)s or pensions [12].
The bottom line
Goldberg’s on-camera quip resonates as many people, especially younger Boomers who are now reaching traditional retirement age, face the financial reality that living into your 60s and beyond as a single divorcée is expensive. The average case can cost thousands, and the income shock can linger for years, with women facing the steepest declines.
You cannot plan for heartbreak, but you can plan for resilience. A strong cash cushion, careful documentation, and turning down the emotional temperature on divorce proceedings can keep a personal crisis from becoming a permanent financial setback.
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[1]. Entertainment Tonight. “Whoopi Goldberg and Joy Behar Have VERY Different Reasons for Not Retiring from The View”
[2]. Celebrity Net Worth. “Whoopi Goldberg”
[3]. TV Insider. “‘The View’ Salaries Revealed by Sherri Shepherd, Plus What She Thinks of Cohosts”
[4]. Yahoo Entertainment. “Whoopi Goldberg says she can’t afford to stop working”
[5]. Newsweek. “Whoopi Goldberg Faces Backlash After Revealing Financial Problems on ‘The View’”
[6]. BET. “Whoopi Goldberg Admits She Never Loved Her Husbands”
[7]. Center for Economic Studies. “Divorce, Family Arrangements, and Children’s Adult Outcomes”
[8]. LegalZoom. “How Much Does a Divorce Cost? the Complete Breakdown”
[9]. DivorceNet. “How Much Does a Divorce Cost?”
[10]. U.S. Government Accountability Office. “Retirement Security: Women Still Face Challenges”
[11]. Gerontological Society of America. “The Economic Consequences of Gray Divorce for Women and Men”
[12]. U.S. Internal Revenue Service. “Retirement topics — QDRO: Qualified domestic relations order”
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.