A recently published study undertaken by wealth manager Netwealth has found that British women are vulnerable to financial troubles in the event of a divorce as they are struggling to get to grips with the wealth of their household. As worryingly, the survey found that almost 40% of divorced women regretted not maintaining greater financial autonomy during the course of their relationship, with a similar amount of saying that they could kick themselves for not having taken more interest in managing money related issues during the course of their relationship.
This situation is all the more concerning as the study shows that 30% of those who took part said that not only did they not have a full and accurate picture of their partner’s financial situation but they did not have a clear picture of their joint wealth and financial position.
At the moment, 2 out of 5 marriages end in divorce – resulting in many women leaving themselves vulnerable in the event that their marriage breaks down.
The results of the study are not surprising. Sadly, I see this in my day to day practice frequently. Often, with divorce occurring at the mid-point in women’s lives, the stress and trauma of the situation is made worse by the financial disruption. It highlights the importance of obtaining sound legal advice as early as possible, in the event of a relationship breakdown. Like every situation in life, knowledge is vital. By helping a client at the earliest possible opportunity to piece together an accurate picture of their finances, proper and informed decisions can be made as they move on to the next chapter of their life.
Farleys Solicitors has a team of highly experienced divorce specialists so if you are considering issuing divorce proceedings, get in touch by calling 0845 287 0939 or send your enquiry through our online contact form.