Whether or not you’ve personally contemplated or gone through a divorce, it is likely that you know someone who has. There is no denying how difficult and painful the divorce process can be, add in assets and children and it becomes incredibly complicated.
Here are a few facts about divorce*:
– In America, there is one divorce every 13 seconds. That’s 6,646 divorces per day, and 46,523 divorce per week.
– The average length of a marriage that ends in divorce is eight years.
– The average age for couples going through their first divorce is 30 years old.
Studies show that in the first year after divorce, the wife’s standard of living may drop almost 27 percent while the husband’s may increase by as much as 10 percent**.
Over the years, I’ve seen many women get put into a bad financial situation because of a divorce. For this reason, I recently took steps to become a Certified Divorce Financial Analyst (CDFA). My passion is to help women become financially confident, and never is this more important than when a woman finds herself “starting over” after a divorce.
3 Common Mistakes Women Going Through Divorce Make
- Negotiating to retain their home in the settlement, yet they can’t afford it.
- Not getting all the information about the spouse’s assets
- Failing to take into consideration the long-term impact of the proposed settlement
Divorce may be an unpopular topic. But, the reality is…women going through a divorce need and deserve to protect themselves financially. Yet, many times finances get put on the back burner as women attempt to keep the peace or fight for custody of their children.
The role of a CDFA is to work with the divorce attorney to present different financial options as real-life scenarios in an effort to help their client get past the emotional aspect of finances and focus on the reality of the situation. If you or someone you know is going through a divorce, working with a CDFA like Julie Newcomb can help you protect your financial future by evaluating the long-term ramifications of your settlement options. Call (877) 606-1484 for a free, no-obligation consultation.
*Source: http://www.census.gov/hhes/socdemo/marriage/data/acs/index.html
**Source: http://www.wife.org/12-financial-pitfalls-of-divorce.htm
Julie Newcomb, a Certified Financial Planner™ in Orange County, CA, specializes in financial planning for women. As a wife, mom and business owner, Julie understands the pressures and challenges most women feel on a daily basis as they juggle many important priorities. Julie’s favorite thing about her job is the ability to give women peace of mind when they entrust her with their finances. To learn more about Julie Newcomb Financial, go to julienewcomb.com.