Financial Planning for Women

Financial planning for womenMost women take on the role of caretaker in their family unit. This makes them more inclined to tend to everyone else and their needs first. Often to the detriment of their own.

One area that sees the most neglect is financial planning. When analysing a married couple’s Financial Needs (FNA), a good financial planner will work on the assumption that the marriage will end, whether because of death or divorce. Both these outcomes must be taken into consideration. Unfortunately, the female often comes off as second best.

All too often we are contacted by a distraught female who was informed that her husband wants a divorce. This is usually when disaster strikes. She was under the impression that she would benefit from his financial planning, and a horrible realisation sets in that she isn’t protected at all.

If you find yourself in this situation, there are three areas where you will need assistance and support:

  • Legal – You will need to meet with your own attorney who specializes in divorce.
  • Financial – You need a credible financial planner, preferably a CFP®, who has experience dealing with this area of financial planning.
  • Emotional – It is not always easy, or possible to rely on friends for emotional support. Often their advice will be biased. However, a therapist will be able to guide you through the healing process.

Whether you are married in community of property, or had an ante-nuptial agreement drawn up, sound, proactive financial planning is your best bet, especially if you have minor children.

For an obligation free meeting, contact Northwood Financial Services CC.

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