Girlfriends, take charge of your finances

It’s boring, we don’t have time for that, it’s complicated … There are many reasons for delegating the management of our personal finances to our better half. Yet this lack of interest in our own heritage can have dire consequences. On March 23, four experts will make you aware of this during the free virtual event Dare to invest, organized by the National Bank.


Posted on March 21, 2021 at 8:00 a.m.


Isabelle DubéIsabelle Dubé
Press

Your spouse knows about personal finances and you agreed that he would take care of the renewal of the mortgage? What if he took a line of credit on your mortgage without telling you and used it to start a business? Who should pay off the debt?

According to a report by UBS Group AG, 74% of widowed or divorced women say they have had negative surprises at the time of a break-up or the death of their spouse and 76% regret not having been involved in the decisions throughout. throughout their marriage or union.

Lawyer Suzanne H. Pringle, partner at Pringle & Associates, has seen it all in her office for over 30 years. The one who has defended famous causes will be there and wants to make women aware of these financial issues which can have unexpected repercussions. Especially at a time when people become common-law partners or marry several times in a lifetime.

“Currently, in Quebec, most people say: ‘We are in love, we love each other, we are not to talk about that.’ If you can’t talk about it when it’s going well, you won’t be able to talk about it to retroactively fix things when it’s going wrong. ”

Do you know the answer?

At the event, Suzanne H. Pringle will draw attention to questions that seem simple, but which many people do not know the answer to, in 2021. For example, are you sure you put your name in the deed when buying the condo? Because if you are a common-law partner and pay your other half, the mortgage and taxes, in groceries, you might be amazed at the consequences.

PHOTO PROVIDED BY SUZANNE PRINGLE

Me Suzanne Pringle

If there is a rupture, there is nothing that foresees that these women will have anything from that residence.

Me Suzanne Pringle

If you had assumed 80% of the down payment and the notarial deed indicates that you are 50% owner, even if you had agreed verbally, that does not count.

What if your new flame lives in the house that was part of the family patrimony from your first marriage? In a second divorce, will you have to separate the value of the house with this second husband?

Delegate to find time to meet with a planner

All the research indicates that women are less involved in the decision-making of their long-term financial planning, says Angela D’Angelo, vice-president of development and customer experience at National Bank Financial, who will also be part of the team. of the event.

Yet they have increasing economic power. They inherited from their parents or their husbands because they have a life expectancy of five years longer than their husbands. This is important because their money has to work at least five years longer than the average life expectancy.

Angela D’Angelo, Vice-President of Development and Customer Experience at National Bank Financial

Angela D’Angelo says 90% of women will have to make financial planning decisions on their own within the next decade. “We want to make women aware so that they get involved before life events such as divorce, illness and death strike them,” she said.

Often, women are caught up in day-to-day chores with young children and are responsible for paying weekly bills. They have neither the time nor the inclination to concentrate and invest in understanding all the elements that will be discussed during a meeting with a counselor or planner.

“What I would like to achieve with the conference is to find the tasks that they could delegate more to give them time to be more curious and take more interest in their personal finances,” she concludes.

Sociologist Hélène Belleau, professor and director of the Center for Urbanization, Culture and Society of the National Institute for Scientific Research as well as the notary Sophie Ducharme, Vice-President, Culture, Branding and Specialized Advice at Banque Nationale Gestion Privée 1859, will also be part of the event.

> To register for the event: https://studiocast.ca/client/bn/event/8719/fr/

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