![]() ![]() This is quite common in marriages which are victims of domestic abuse and sexual assaults. Sometimes one party files the petition to seek a divorce while the other party files a counter to oppose the allegations on the grounds of which the divorce was filed. Generally, in a ‘contested divorce’, both the husband and wife may not be in mutual agreement to get divorced. The financial rights are still unknown to many women across the world who are non-workers and have no source of income to continue their life span, which makes their financial condition difficult. After the decision, there are rights that should be taken into consideration especially the financial rights of a Women while having divorce. Understand their unique financial situation and help them visualise the long-term financial impact of their financial decisions.Whenever there is any disturbance that comes in marriage life of a couple, it brings a choice to separate through a legal procedure in form of ‘Divorce’. Tackle the taboo around pension splitting and sharing options, by having open and honest discussions with your client. Identify the financial options that would be right for your client.An adviser must be sensitive and empathetic to the specific needs and circumstances of each individual client, while providing clear explanations and rationale about the advice process. Interested in building professional connections but unsure how to get started? Download our range of outreach templates.ĭivorce can take a significant emotional toll on clients. A solicitor can provide a referral to a divorcing client, so the adviser can engage at a stage where they can help the woman build a stable financial future. The earlier an adviser can be involved in divorce proceedings, the more value they can add. Develop professional relationships with solicitors.This support can be particularly beneficial to women, 31% of whom said they were financially worse off in the year following their divorce, compared to just 20% of men 6. Only 3% of people seek financial advice when going through a divorce process, but advisers play an essential role in helping a couple find financial fairness 6. For women who divorce in their 60s, this figure increased to 31%, despite having less time to make up for any shortfall they might experience in income 6. For a divorced woman, these savings are halved, falling to just £26,100 4.ĭespite the inequalities women face as a result of financial sacrifices they have endured, almost a quarter of women still choose to waive their rights to their partner’s pension as part of a divorce settlement 5. By comparison, men of this age group will retire on average with the more comfortable sum of £156,000 – triple the wealth 4. On average, a woman now in her 60s will retire with approximately £51,000 of savings. ![]() Women who take time out of work to raise children, not only have less financial independence as a result, but also face more barriers when returning to work, because of a perceived skills gap, a changing environment and prejudice.įor women who divorce in later life, this inequality is amplified, as they often absorb most of the financial risk. The motherhood penaltyīeyond the gender pay gap and the glass ceiling, social inequality has had a lasting effect on the finances of women, especially mothers. Despite this progress, the gender pay gap remains a vast 15.4%, with the gap at its widest for women over 40 3. In 2022, the number of women in employment in the UK reached a record high of 72.2%, compared to 79% of men 2 a figure that was just 52.8% when records began in 1971 3. Fortunately, attitudes to women in the workforce have changed drastically since then. Research from 1984 showed that almost half (49%) of the UK population thought that a woman’s ‘place’ was to look after the home and family 1. ![]()
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