FINANCIALLY SURVIVING A DIVORCE

May 15, 2014

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 : 

Things to Do Before You File

Divorce is Costly for Women

Financial Management Strategies for Women in Divorce

Social Security and Divorce

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.

More On Spouses’ Separate Finances:

5 Ways Sharing Finances can be Bad for a Marriage

WSJ: “I Do,” Now Hands off My Checkbook

Should You Merge Finances After Marriage?
 

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.

More On Contentious Divorces:

Protecting You & Your Children in a Divorce

Protect Your $ While Divorcing a Bully

Forbes: Where Husbands Typically Hide Assets

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.

More On Children And Divorce: 

Be Careful if He Could Travel Abroad with Children

Will My Children be All Right?

10 Things Your Kids Hope You Won’t Do

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: 

Washington Post: After divorce, do kids need therapy?

Therapy Can Help in Divorce

MORE ABOUT OUR GUESTS

MAURA GRIFFIN

Blue Spark Capital Advisors

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.

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JENNIFER HATCH

Christopher Street Financial

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.

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EVE KAPLAN

Kaplan Financial Advisors

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

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DEBRA TAYLOR

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.

Columns on The Alternative Press

Contributions to Forbes

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