Divorce and Finances: Why Women Must Seek Financial Advice

Whilst most people can recognise the need for good legal advice during divorce and instruct a solicitor, recent studies have shown that many clients do not appreciate the need to seek good financial advice at the same time. 

When asked about their concerns for their financial position going forward, most clients will readily agree that they wish to ensure they are financially comfortable for the future and into old age.

If your spouse has dealt with the money side of your marriage, paying bills, sorting out insurances, arranging mortgage products and changes etc. you yourself may have no great understanding of where you both are financially and what the implications could be, if you separate or divorce.  If your spouse has been abusive or controlling, it may have been impossible for you to get an accurate grasp of your financial situation. They may strongly suggest that you do not need to know, and certainly do not need, professional advice.

According to recent studies, an astonishing 91% of women in mid-life (that is between the age of 45 and 60) do not seek professional financial advice during divorce proceedings, even in high value cases with assets of over £1million. Worryingly, only 29% of women in that age bracket professed to understanding their finances.

The expense of seeking financial advice as well as the cost of legal advice may be one of the reasons for the failure to take this up, but, where possible, it really is worth investigating. You may be short-changing yourself if you do not. Another concern may be the perceived difficulty of understanding financial terminology and processes, and in trying to find someone appropriately competent, as well as someone who is trustworthy and compassionate.

If you find yourself feeling short of support during divorce proceedings, then it is advisable to speak out. This is an important time in your life and proper support is essential. Ask family and friends for their help.  Seek recommendations from anyone you know in a similar situation. Ask your legal team for recommendations of local financial planners and advisors and for any other additional support you feel you might need. They will know who would be useful in your particular situation and can give you reassurance and the confidence to pursue the help you require.

If you are looking for clarity during divorce or separation, our Family team is here to help. Get in touch here to explore your options and find the right way forward – protecting you, your family, and your future.