A new book, in chronicling one woman’s financial journey so as to allow others to learn from her mistakes, strongly encourages women to get a prenup or cohabitation agreement to stay financially solvent.
As reported in MarketWatch, the book, Fiscal Feminist: A Financial Wake-up Call for Women details how
Kimberlee Davis, a financial advisor in Newport Beach, California, put her career on hold to raise her children. When her marriage dissolved, she struggled to get back in the workforce even though she had a law degree.
Davis, conceding that it is difficult for both men and women to get a job after exiting the workforce, contends that women face greater financial hurdles, including in preparing for retirement. Women earn 20% less than men on average, will take a break of about 8 years to care for children, and, by age 65, have a Social Security benefit that is just 80% of a man’s benefit. Since women also live about 5 years longer than men, they face an additional $200,000 in healthcare costs.
Recalling her financial struggles, Davis found she felt so strongly about a woman’s actions to protect her assets that that she put a stipulation in her will: before any of her three daughters can collect from her estate, they must have a prenuptial, post-nuptial or cohabitation agreement in place if they are engaged or married. She also offers the following advice to women:
- Max out your 401(k) or your spousal IRA if you are married and taking a career break
- Keep your own checking and investment accounts
- Understand your finances, your credit score, and your budget
Some of the most powerful advice for protecting one’s personal assets before a marriage or domestic partnership is to speak with a top attorney in Bucks County for prenuptial and postnuptial agreements. Contact Williams Family Law, P.C. at 215-340-2207 or email email@example.com.