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Reasons for a Financial Advisor for Women in a High Net Worth Divorce

Posted on in High Asset Divorce

TX high asset divorce lawyerWhile many high net worth divorces in Texas involve spouses with nearly equal earning power or separate assets, a significant number of high asset divorces also involve spouses where only one was the primary earner during the marriage. Whether the other spouse was a stay-at-home parent or simply earned significantly less in the marriage, the prospect of divorce can be extremely daunting for that spouse. Although gender roles are shifting, the non-primary earner spouse often ends up being a woman. And many women who go through high asset divorces in this position do not take all the steps they can to position themselves well financially. It is particularly important for women to consult with financial advisors more often than they do and to work with a divorce attorney who has experience handling high net worth cases.

The following are some of the reasons women should consider a financial advisor in a high net worth divorce. If you need help with your divorce case or have questions about financial matters, an experienced Austin high asset divorce attorney at our firm can speak with you today.

Not Enough Women Work with Financial Experts, But They Should

According to a new study, women do not work with financial advisors and other financial experts nearly as often as they should in divorce cases. This is even true for women who are non-primary earners who are going through high asset divorces. Indeed, over 95 percent of women do not use a financial advisor when going through a divorce despite having financial goals they want to achieve.

Given that divorce can have significant financial consequences—especially when the other spouse is a high earner—there is more reason than ever for women to think specifically about the role that a financial advisor might play in their divorce proceeding.

Financial Experts Provide Benefits That Many Women Do Not Realize Until After the Divorce

If a woman in a marriage is a stay-at-home parent or is not the primary earner, she may not be aware that there is a pressing need to hire a financial advisor or other experienced professionals who regularly serve clients in high net worth divorce cases. To be sure, a recent survey reports only 5 percent of women knew about using a financial advisor as part of their divorce team. However, in a survey conducted among women who were already divorced, 61 percent of them said they wish they would have known to use one.

In some cases, as we mentioned above, women do not even realize that a financial advisor can work closely with their divorce team to provide benefits. Sometimes this happens because women have signed a prenuptial agreement (or premarital agreement) and assume that working with a financial advisor cannot do any good since they have already agreed to certain financial terms. No matter what, every woman going through a high net worth divorce should have an experienced financial advisor to assist with the divorce. Financial advisors can provide numerous benefits, from helping women who were non-primary earners during the marriage to make a realistic post-divorce budget to uncovering hidden assets.

Contact a Texas High Net Worth Divorce Lawyer

When you are going through a high net worth divorce in Texas, it is essential to have an aggressive Texas high asset divorce attorney on your side. Our firm assists clients with many divorce matters, and we can also put you in touch with a complex child custody attorney or complex litigation attorney who can help with your case. Contact Powers and Kerr, PLLC online or call us at 512-610-6199 to learn more.

 

Source:

https://www.forbes.com/sites/margueritacheng/2020/01/20/hidden-gems/#49e84e6e6a39

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