Divorce statistics vary according to who is doing the research. The median divorce rate is about 43% of first marriages ending within 15 years. Nobody wants to think negatively about marriage, especially her own.
Almost all of my clients have not prepared for the possibility of divorce. They haven’t taken the steps to protect themselves financially. That makes their situations even more dire.
I can’t tell you enough how important it is that you plan for the worst possible situation. After all, it’s your financial future and possibly the financial future of your children.
Ask yourself these questions
- Are any of the assets in your name only?
- Is your house in your name or your husband’s or both of your names?
- If you get divorced, will you be able to make the mortgage payments?
- Do you have a will? Does your husband have a will? Who are the beneficiaries?
- Do you know where vital documents are kept?
- Do you know what kind of insurance coverage you have? What about disability and long care health insurance?
- Have you met with a financial professional who understands the divorce laws in your state?
Please do yourself a favor and start to take your financial situation seriously. That way if divorce happens, you won’t be left high and dry or even worse low and deluged with bills you can’t pay.
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