What women should know about protecting their finances after divorce
A divorce is a difficult time, and while it is not the most fun to talk about money during a divorce, it is one of the most important moments in life to assess your finances.
The harsh reality is that women are usually hit harder financially by a divorce than men. Women’s finances dip by 41% after a divorce, and their credit scores tend to fall more, too. This is especially concerning for stay-at-home moms who are left without a steady income and still have children to raise.
We all know that raising kids is expensive. You have to pay for food, clothing, medical bills, childcare, entertainment and more. Much of this responsibility falls on the mother because 90% of women have custody of their children after a divorce This can be tough on you financially, but women everywhere have overcome insurmountable challenges, and managing your finances is no different.
What can women do to protect their finances after a divorce?
Women need to take charge of their own financial planning. Unfortunately, many married women defer to their spouses on financial decisions, but this is not an option when you are going through a divorce. This is a time that demands your strength and responsibility if you want to protect your finances.
One way to do this is to have a financial plan. Because so many women after a divorce take a bigger hit than men, they need to plan more carefully on how to achieve financial security and plan for the future. However, you do not have to be alone when it comes to making and managing your financial plan.
This is likely the first time you have gone through a divorce, but at ProVise Management Group, we have aided many women through this difficult time and helped them to become financially confident. Many of us have walked through this road ourselves and found that having a financial plan is key to our independence.
The financial plans we create are tailored specifically to your needs based on your current circumstances, your personal values and your long-term goals. We can develop a plan for you that helps you make smart financial decisions following a divorce so you can focus more on your life now.
We create all of our plans at a fiduciary standard of care. We offer an unconditional money-back guarantee if you are unhappy with your written plan. Simply return it to us and we will refund 100% of the fee paid.
Are you ready to talk to a ProVise financial advisor about protecting your finances after a divorce? Contact ProVise today to schedule a complimentary consultation.