As one year winds down and another commences, people often think about the aspects of life they wish to improve upon going forward. For women, one of those areas might include financial understanding, especially in the event of an impending divorce or other family breakdown. With the divorce rate holding fairly steady at around 50 percent, Ohio women may benefit from learning more about their financial situations and how to protect their assets.
There are admittedly many women who are fully capable of dealing with every aspect of their financial lives. However, a recent report suggested that up to a quarter of women do not take an active role in managing household finances. Additionally, of the wives who do take part in managing the marital assets, an estimated 75 percent of them are not as fully involved as their spouses.
It is never too late, however, to take a more active role in managing one’s assets. The first place to start is to get a clear picture of all of the household’s income and liabilities. It is important to account for all streams of current and future income resources, which may include retirement, investments or anticipated inheritances. Once a clear picture of assets has been assembled, the next step is to clearly define all out-going expenses, from a mortgage to any other small and easily overlooked bills, such as a subscription service.
After a full accounting of the state of one’s financial affairs has been done, then both spouses may be in better positions to look out for their own best interests in the case of a breakdown in the marriage. While a divorce can be exceedingly difficult emotionally, having a grasp on one’s monetary health may ease some of the uncertainty one often experiences. Ohio residents may refer to local professionals who can provide additional guidance in order to aid in the securing of one’s financial future in the aftermath of a divorce.
Source: Forbes, “The Most Important New Year’s Resolution A Divorcing Woman Can Make“, Jeff Landers, Dec. 17, 2014