Going through a divorce can be a difficult time for anyone, but studies show it can be more complicated for women. This is because unfortunately, much like there exists a gender divide when it comes to the workplace, there’s also one when you’re getting a divorce. Studies show that in divorces where both parties are working, men still often receive more than women when assets are divided.
That’s why it’s essential to be armed with some financial advice for divorcees. As one of today’s leading financial planners, the team from Merit Financial Advisors has helped hundreds of women get their fair share in a divorce. Here we offer some financial tips to help you be prepared.
Plan & Budget for Your Divorce
When going through a divorce, it’s important to plan and budget around it, as well as factor in anything that might crop up down the road. During a divorce, not only are there legal fees, there may also be unforeseen expenses. Start by creating a checklist outlining your financial priorities, property priorities and necessary expenses for your children to ensure you’re prepared and financially stable.
Seek Financial Advice
Perhaps one of the most effective things you can do to plan for the divorce will be soliciting the advice of a financial advisor. Working with an advisor can help you receive lower fees when it comes to filing the necessary divorce paperwork and ensure everything is done effectively and efficiently. They help you get your fair share of the settlement by working directly with your attorney to come up with a financial proposal/settlement.
Negotiate for Retirement Assets
When going through a divorce, it’s essential to make sure that you’ll be financially stable in the long term. That’s why negotiating for retirement assets is extremely important. Doing so can help make certain that down the road, you and your children are able to meet your daily living expenses and financial obligations. You’re entitled to retirement assets in a settlement, so be sure you get what you deserve.
Contact us for key financial advice for divorcees!
If you’re currently going through a divorce or you’re recently divorced, the team from Merit Financial Advisors can help make sure you have the assets you need to live comfortably and meet your financial goals.
For more information about how we can help you before, during, and after your divorce, contact us online today or call (866) 548-8524 today!