A Note from Marguerita Cheng, CFP® — We all realize that financial stability is a top concern among women who divorce. Yet a new study finds that over 95% of women do not use a financial advisor when going through a divorce despite having financial goals they want to achieve. In my position on the board of directors of the Association of Divorce Financial Planners, I see firsthand the financial consequences a divorce can bring. With the effects lasting years – even decades – why are women not seeking financial advice from an expert?
You’ll learn:
- The biggest problem is a lack of awareness. Most women don’t know how a financial advisor can benefit them early on in the divorce process. Only 5% of women in a recent survey knew about using a financial advisor as part of their divorce team.
- However, among the financial revelations from divorced women, a new study reveals that 61% of women said that they wish they would have known to use one. They believe that working with a Certified Divorce Financial Analyst (CDFA) would have been valuable and important to them and their attorneys.
- A financial advisor can help you think through your lifestyle to gain a better understanding of your expenses both before and after a divorce. This is especially important for women who haven’t been involved in paying the bills, managing investments, buying insurance, or budgeting.
Financial advisors can also help you uncover critical financial assets that might not be on your radar. These hidden gems are crucial for making sure you get your fair share in a divorce. A few big-ticket items you may not have thought about include the following:
- The marital home
- Engagement and wedding rings
- Fine jewelry
- Heirlooms and antiques
- Bank and retirement accounts
- College savings accounts
- Hidden Gems to Watch Out For
Discover more!
- Watch this episode on YouTube: MargueritaCheng.tv
- Learn more on MargueritaCheng.com
- Image by Billie Grace Ward, flickr.com creative commons