Francis Financial Started With a Question - How Can We Better Understand and Support Divorcing Women Through Financial Advice?
The goal was to identify and examine the challenges that women face during this difficult transition. The resulting work was one of the first studies focused solely on women who have divorced or are in the process of divorcing.
The final product is our resource guide, Unveiling the Unspoken Truth ® – The Financial Challenges Women Face During and After Divorce, which sheds light on the emotional, legal, and financial difficulties women experience during and after divorce.
This divorce resource guide for women is intended to educate industry professionals such as matrimonial attorneys, divorce financial planners, divorce coaches and other divorce professionals on how to best work with clients going through this process.
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What Unveiling The Unspoken Truth ® – The Financial Challenges Women Face During and After Divorce Includes
Our divorce resource guide for women examines the experiences of more than 150 women and features quotes from study participants, data presented in an easy-to-read format, and case studies sprinkled throughout from real women at different stages in the divorce process, including:
Carrie's Dilemma
To Divorce or Not to Divorce?
Colleen's Support
Building a Team of Professionals
Jodi's Finances
Understanding the Expenses and the Assets
Many of the women who participated in this study shared that finances were a major concern in their divorce and continue to be an issue in their post-divorce life. Discover how women feel about financial matters before, during, and after the divorce process, and why a team of professionals is critical to helping financially advise women through the changes and stress brought on by divorce.
What Do Women Need to Know About Money When Getting Divorced?
The decision to divorce can be overwhelming. There are many questions and concerns when contemplating divorce, and it is important that women find the best support to help guide them through this difficult transition.
When contemplating divorce, women struggle to see how to make their future financially secure. Working with the right team of professionals from the outset is critical - including a divorce financial planner who understands their goals and can provide a glimpse into what their financial future will look like.
Research indicates that financial issues are a primary cause of divorce, and money disagreements were commonly reported among the women in our study. The Money Before Divorce section breaks down the most significant financial worries women have during marriage, the impact of financial decision-making roles, and the top six money arguments among couples.
Francis Financial asks the question, “What were the major challenges you faced during your divorce?” and explores the reasons why money outranks all other factors as the top concern for women experiencing a divorce.
Post-divorce, economic security is difficult to attain. Numerous studies have revealed that a woman’s lifestyle is negatively impacted after divorce. The Money After Divorce section identifies women’s concerns post-divorce, including their feelings of financial security. Learn more about divorced women’s top twelve worries – including saving for retirement, having enough money to care for their children, starting a new career, and more. We examine the research to explain how fewer money conflicts, more control, and increased knowledge foster greater financial satisfaction when women are single.
Divorced Women and Investing
Survey after survey shows that women lack confidence when it comes to investing and planning for retirement. A more conservative approach to investing means less risk-taking but less reward. Women who educate themselves about financial advice for divorced women and smart investing strategies are more likely to be in a better financial position during their retirement years. Francis Financial examines why.
Divorce Processes, Outcomes, and Cost
One of the greatest misunderstandings about divorce is the belief that all will be over soon and that the two parties can get on with their lives quickly, but for nearly half of the study participants the divorce process took over two years. Francis Financial lists some of the most frequent mistakes women make during the divorce process and how they can be better prepared for the process and cost (including a Preparing for Divorce financial document checklist).
How Women Should Prepare for a Divorce
When financial planners were asked in a recent survey what steps would have better prepared their clients for divorce, the most frequently cited were:
Finances
Financial Consequences of a
Divorce Settlement
a Divorce Settlement
Francis Financial explores why women are often under-educated on financial topics and the impact it has on their financial security.
Support Through the Divorce Process
Aside from the support of their family and friends, participants worked with or wanted to work with a collaborative team of divorce professionals. Along with matrimonial attorneys, women expressed a desire for support from divorce financial planners, divorce support groups, divorce coaches and other experts who could assist during this difficult transition. Our experts explore what women look for when pulling together a team of professional support.
Download our Divorce Resource Guide: Unveiling the Unspoken Truth ® – The Financial Challenges Women Face During and After Divorce
As a wealth management and divorce financial planning firm, we help women going through transitions - such as divorce or the loss of a spouse - plan their financial future, grow their investment portfolio, and protect their nest egg through these turbulent life changes. You can download our divorce financial advice for women, Unveiling the Unspoken Truth ® – The Financial Challenges Women Face During and After Divorce for free via the link below.
Would you or an organization you know benefit from learning more about our research and having Stacy Francis present on this topic? If so please contact: Sunaina@francisfinancial.com.