The financial toll divorce takes on most women’s lives is undeniable. Lili Vasileff, president of the Association of Divorce Financial Planners (ADFP) explains in a recent article: “In divorce, financial security is substantially threatened by the basic fact you now are dividing one household into two and allocating limited resources. Unless you meet certain milestones that are important from both legal and financial perspectives, financial security post-divorce can be elusive for a long time.” According to Vasileff, it gets more difficult to deal with this financial aftermath as we get older.
We’ve been hearing about these financial hardships from our expert contributors as well as the women in our community. Questions and concerns about finance are among the most popular topics in our divorce community. This prompted us to conduct a survey last year in partnership with the Association of Divorce Financial Planners and CDFA Laurie Itkin, the results of which shed some light on the financial challenges women face after divorce.
With 5 out of 10 women focusing on daily household finances during their marriage, and only 1 out of 10 women focused on long term finances, it’s no surprise that many women have to take divorce as an opportunity to educate themselves and rebuild their financial lives. And that doesn’t come without challenges. Living on one income is the biggest financial dread for 5 out of 10 women, and 4 out of 10 are mostly concerned with paying off debt.
At the same time, divorce presents an opportunity for women to rebuild their lives. For a majority of women, divorce is an opportunity to reinvent themselves. From a financial standpoint, this means generating new sources of income, advancing careers, starting businesses, going back to school, and even creating a windfall from old marriage mementos like an engagement ring.
Partnering with a Certified Divorce Financial Planner is another way for divorced women to take control of their lives and build their own financial fresh start. This year, we’ve partnered once again with the ADFP to launch the Building a Financial Fresh Start survey. The goal is to gain an even deeper understanding of the decisions made by women during the divorce process (which have a tremendous impact in their future), and learn what steps they’re taking today to set themselves up for financial success.
The short survey is intended for divorced women in the U.S., and all respondents will be entered to win $250 plus a complimentary financial session with a CDFA, handpicked to meet her needs. The survey will be running from September 3rd to September 30th, 2019, and the winner will be announced in early October.
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