Top 3 Financial Tips for Women facing Divorce

As we say goodbye to March- the month of International Women’s Day, it always prompts me to think about why I started EVA Wealth and the joy of helping my female clients increase their feeling of independence. This is particularly true when a client is taking on the financial reins for the first time.

Sadly, the number one reason women seek support with their finances is usually in the wake of a divorce. Finding they need to plan for their financial future alone can be an emotional and overwhelming time. In addition to this, only 48% of women are aware of what happens to their pension when they get divorced, with 16% losing access to any of their pension savings when they split with their partner. It is therefore vitally important that women are equipped with the knowledge needed to reach a fair settlement in divorce which will not only offer them security in the short term, but well into the future as well.

Clients I have helped speak openly about the importance of financial support, and how the advice helps them to feel better equipped and more knowledgeable to plan effectively for themselves and their families. 

During these reflections I thought it could be helpful to share some key reasons women seek financial advice and how this can serve to help those who find themselves facing decisions alone. 


Get Started Early

Divorce comes with many decisions, one of them being agreeing on a settlement with your ex-partner. This is where your financial independence begins, and it is important to know what you are agreeing to as it could have a huge impact on your financial future. One of the most significant assets a couple can have are their pensions and therefore, in the process of divorce, it is important that pensions are considered during the settlement. 

It is at this point that I would advise seeking advice from a financial planner who can help by reviewing the settlement and advising you accordingly. A financial advisor with expertise in this field will be able to find any missed opportunities and help you to understand the settlement and your options fully before you sign on the dotted line. 


Long Term Planning

Only 52% of women have saved adequately for retirement compared with 59% of men. Many of my clients are great at saving and budgeting, however knowing how to implement these great habits into a long-term plan is something a financial planner can do to ensure you are set for the future and have a strong plan for retirement. It is therefore important not to overlook pensions as an asset during divorce proceedings, even if retirement seems a long way off. Pensions will be considered when dividing up the matrimonial assets, and for this reason you will need to obtain valuations for each pension you own. 

Together with your advisor you can discuss your long-term goals which will help you to prioritise and create a strategy with a budget. We can advise you on pensions as well as investing and taxes and help you to set a budget to support your goals. 


Find Comfort in Consistency

As a financial planner who has helped women navigate post – divorce finances, I know only too well that knowledge is power. Giving our clients the knowledge to know what to do with their finances leads to consistency in their finances which helps to bring them valuable peace of mind. Once your finances are in order you can relax in the knowledge that your money is taking care of itself and you can put your focus on your priorities in life. 


About Eva Wealth

At Eva Wealth we seek to liberate women and their finances by giving them the tools to take charge of their financial future. We have an understanding of the unique challenges faced by women in the modern world and offer a personal approach providing our expert advice and support. 

Our overall aim is to empower women and bear witness to those incredible stories of independence and strength. We help women take control of their finances so they can focus their attention on the things most important to them. 

To read more about EVA Wealth, head here: https://claruswealth.co.uk/eva-wealth/


Articles on this website are offered only for general informational and educational purposes. They are not offered as and do not constitute financial advice. You should not act or rely on any information contained in this website without first seeking advice from a professional. Past performance is not a guide to future performance and may not be repeated. Capital is at risk; investments and the income from them can fall as well as rise. Clarus Wealth Ltd is an appointed representative of Best Practice IFA Group Ltd which is authorised and regulated by the Financial Conduct Authority. Clarus Wealth Ltd is entered on the Financial Services Register (http://www.fsa.gov.uk/register/) under reference 581586. The guidance and information contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren’t able to resolve themselves. To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.

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