A large body of literature has examined how separation and divorce influence social and economic well-being. One consistent finding of the literature is that women and men are affected differently by divorce and separation. Women, and particularly mothers, are likely to suffer from a loss of income. Fathers frequently suffer from having reduced contact with their children, who usually continue to live with their mother after a union dissolution. This chapter uses 10 years of data from the German Family Panel (pairfam) to examine more closely the gender differences in life satisfaction after separation. In line with previous research, we show that following a separation, satisfaction with family life declines more among fathers than among mothers, and that mothers tend to experience a greater decline in their satisfaction with their financial situation than fathers. We also examine the role of shared parenting ( Wechselmodell) in parents’ life satisfaction. Our findings indicate that shared parenting is positively associated with well-being, but also that the association is not stable to the inclusion of socio-economic characteristics that explain the selection into shared parenting. The results are discussed in the context of the current German policy debate on shared parenting.