There may be no greater threat to a woman’s financial security than getting divorced. Research indicates about one in five women fall into poverty because of a divorce, and that about one in three who have children and own a home lose that home because of a divorce. Three out of four women don’t get all the child support they’re promised. Our advisors agree: you need to strategize ahead of time, then be ready to fight for yourself and your children.
Get Prepared and be Aware of Divorce’s “Hidden” Costs
Figure out how much you and your spouse have before filing for divorce, and understand just how much more expensive life’s about to become, advises Maura Griffin of Blue Spark Capital Advisors in New York.
More On Divorce’s Economic Impact :
What’s Mine is Mine
Whether you kept your finances separate from your spouse’s can be a big deal in a divorce, whether it’s a traditional or same-sex marriage, says Jennifer Hatch of leading LGBT financial advisory firm Christopher Street Financial.
Assume Your Husband’s Better Prepared (and May be Hiding Assets)
Not every divorce is contentious, but many of them are, and you have to assume that your husband, now your adversary, is more ready than you for the battle ahead. Don’t assume he’ll play fair, advises Debra Taylor of Taylor Financial Group in New Jersey.
The Pep Talk Every Divorcing Woman Needs to Hear
Debra Taylor of Taylor Financial Group in New Jersey has seen her fair share of women taken to the cleaners in a divorce. Here’s what she thinks every divorcing woman needs to hear.
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In Contentious Divorces, Be Sure to Budget for Therapy
Maura Griffin of Blue Spark Capital Advisors says women involved in contentious divorces should make sure they budget for a therapist, maybe two, since her children likely will need one as well. Be warned: therapists are not cheap; however, there’s a good chance you’ll be covered under your health insurance.
More On Divorce And Therapy:
MORE ABOUT OUR GUESTS
Ms. Fain runs a boutique financial advisory firm for a select group of women who are managing their new-found finances for the first time. She spent 12 years at Smith Barney, where she was the youngest woman ever hired into their training program.
MORE FROM DORIE FAIN
Ms. Griffin has more than 20 years experience in the financial services industry, including stints at UBS Equities Research and Citigroup Private Bank. A graduate of Georgetown University, she is a Certified Financial Planner. MORE FROM MAURA GRIFFIN
Ms. Hatch has more than 20 years of Wall Street experience, including stints at JP Morgan and Bear Stearns, where she specialized in high yield bonds and international equities. She is a Certified Financial Planner dedicated to solving the financial dilemmas of same-sex couples.
MORE FROM JENNIFER HATCH
Before starting her own firm, Ms. Kaplan spent many years in international finance in New York, Tokyo, Singapore and Rotterdam. In Rotterdam she managed nearly $1 billion in invested equities.
Columns on The Alternative Press
Contributions to Forbes
MORE FROM EVE KAPLAN
Formerly a practicing attorney, Ms. Taylor heads a full service wealth management firm that provides a multidisciplinary approach to the needs of her clients, which include high net worth individuals and families.
MORE FROM DEBRA TAYLOR