Stacy Francis Presents Divorce Financial Do’s & Don’ts with Chapter 2 Club Webinar
By: Francis Financial
June 8, 2021
Francis Financial President and CEO Stacy Francis was invited to share her financial planning expertise with Chapter 2 Club, a supportive community of professional women who’ve made it their mission to create shortcuts to the right information after a breakup – including lawyers, financial advisors, therapists, parenting experts, and everyday women. Francis co-hosted a webinar with Chapter 2 co-founder Malinee Churanakoses entitled “Financial Do’s and Don’ts Before, During, and After Divorce”.
Francis shares the story of how her grandmother endured a marriage filled with physical and financial abuse, staying only because she felt financially trapped. While money isn’t the most important thing in life, it does provide women access to options, possibilities, and opportunities, so understanding finances is crucial to financial security.
Francis builds her advice based on years of divorce financial planning expertise along with a survey of 150 divorced women who were asked “What would you tell your best girlfriend if she were thinking about a divorce?”, where they felt they had made mistakes in the divorce process, and where they found wins to be celebrated. Francis presents her expertise through four distinct sections:
– What to do if you’re thinking about a divorce
– What to do if you’re in the process of negotiating a divorce
– What to do post-divorce
– Resources available for every step of the process
Most importantly, Francis emphasizes why being financially knowledgeable is critical for successful financial freedom. Women above age 65 who are divorced and on their own have an 80% higher chance of living in poverty,” she says. “That’s a problem.” After a divorce, the average woman’s income falls by more than a fifth, and they would need to earn 30% more to maintain their current standard of living. In addition, 3 out of 4 mothers do not receive full child support payments, and the legal cost of going to court can outweigh the amount of money to be recouped. As women, we aren’t typically educated about the finances of a household, Francis explains, but we need to be. Getting a solid financial education is the key to building future financial security, no matter where you are in the divorce process.