Forbes: Women Don’t Consult Financial Advisors When They Get Divorced. Here’s Why They Should
By Marguerita Cheng • Forbes • Jan. 20, 2020
Financial stability is a top concern among women who divorce. Yet a new study finds that over 95% of women do not use a financial advisor when going through a divorce despite having financial goals they want to achieve. In my position on the board of directors of the Association of Divorce Financial Planners, I see firsthand the financial consequences a divorce can bring. With the effects lasting years – even decades – why are women not seeking financial advice from an expert?
The biggest problem is a lack of awareness. Most women don’t know how a financial advisor can benefit them early on in the divorce process. Only 5% of women in a recent survey knew about using a financial advisor as part of their divorce team.
However, among the financial revelations from divorced women, a new study reveals that 61% of women said that they wish they would have known to use one. They believe that working with a Certified Divorce Financial Analyst (CDFA) would have been valuable and important to them and their attorneys.