New Report Says Relationships Are the Biggest Financial Risk to Women - How You Can Mitigate the Risk

 Posted on March 20, 2017 in Family Law

Women tend to be relational in nature, but relationships themselves may place them at financial risk. More specifically, marriage and divorce can be dangerous endeavors for women. This information comes from a new report, which was published by the Chartered Insurance Institute (CII). The following examines this phenomenon more, and explains how women may be able to mitigate their risks.

Understanding Why the Disadvantage Exists

Despite misconceptions, women continue to be at a financial disadvantage in America. They earn less for the same jobs. Older women are less likely to have substantial earnings in social security or retirement savings. Further, men continue to be the primary or sole breadwinners within the family. True, more women are working, but they are far from equal in terms of earnings, pay, and opportunities as a whole.

Preventing Financial Devastation Before Marriage

Ideally, women would take steps to discuss finances prior to marriage. One of the best ways to do this is through a prenuptial agreement. There are a few caveats, however. If women are planning to stay home and care for children or a home, then this should be factored into the agreement. Women should also ensure they have the guidance and experience of an attorney during the process.

Preventing Financial Devastation During Marriage

As the months and years pass, life will change. Women who had a career at the start of the marriage might have children and choose to stay home. Husbands may be offered an opportunity that is far too good to pass up. Whatever the case, women can protect themselves by talking about the financial changes. Further, if a prenuptial agreement is no longer valid, or if one was not created prior to the start of the marriage, couples can pursue a post-nuptial agreement to work out the details.

Preventing Financial Devastation During Divorce

Sadly, a large percentage of women who marry will one day divorce. When it does occur, women need to take action, early on. The first step should be to contact an attorney. This can ensure that women have guidance through the process, and that they know what steps they should take.

Contact Our Illinois Family Law Attorneys

If you need assistance from a family law attorney with a prenuptial agreement or divorce, contact The Stogsdill Law Firm, P.C. for assistance. Our Wheaton family law attorneys will strive to protect your rights and your financial future, regardless of where you are in your relationship. Schedule your consultation to learn more about how we can assist you. Call 630-462-9500 today.

Source:

https://www.theguardian.com/lifeandstyle/2017/mar/19/divorce-women-risk-poverty-children-relationship