It is
noteworthy that each of the potentially troubling monetary
difficulties cited below arrives at a time when a woman is
simultaneously coping with personal loss and pain, thus underscoring
the need to take preparatory measures well in advance such
major life events (upsets). For every woman who does prepare,
there are countless more who do not and who pay the price
both financially and emotionally.
1. Does not take time to make out a will. Without a will,
a person's estate must pass through their particular residential
state's intestacy laws (which can be both costly and time-consuming).
When a woman dies intestate (without a will), the distribution
of her assets will be delayed. This scenario is especially
problematic when real estate is involved and further postpones
the final dispensing of any material resources.
2. Has
not established their own credit. Married women may not realize
the importance of establishing their own credit history independent
of their spouse's. If they divorce or their husband dies,
this lack of credit can make obtaining loans, making large
purchases, etc...troublesome or even impossible.
3. Remarrying
before children are raised contributes to a variety of child
support issues as well as being forced to deal with the troubling
(and emotionally exhausting) decision as to which parent will
obtain primary custody of the children. Even after these difficult
decisions have been made by a court, it is not unusual for
older children to voice their desire to change which parent
they want to live with (often the preference is to move away
from the parent with the more stringent home guidelines to
the parent with fewer controls/in-house rules/etc...).
4. Divorcing
before the tenth wedding anniversary. If a marriage ends prior
to the tenth year, a woman will lose her social security benefits
option. When a couple passes that key ten-year mark, a woman
can, upon retirement, (or current eligible age) receive social
security benefits based upon her ex-husband's work history.
5. Failing
to review how marital assets are filed. In order to avoid
lengthy probate proceedings after one spouse dies, assets
such as real estate, automobiles, and financial accounts should
be titled jointly with survivorship rights or POD (payable
on death).
About
the Author:
Michele
Howe is a book reviewer for Publishers Weekly, FaithfulReader.com,
Aspiring Retail and has published over 900 articles/reviews.
She works as a manuscript critique editor for the Christian
Communicator and writes on women's health issues for the Toledo
Free Press, Monroe Journal, CBN.com, SingleMom.com, ParentSuperSite.com,
CatholicMom.com, and Radiant among other publications. Howe
has also published eight books for women including: Going
It Alone: Meeting the Challenges of Being a Single Mom
,
Prayers
for Homeschool Moms,
Prayers
for New and Expecting Moms,
Prayers
of Comfort and Strength,
Prayers
to Nourish a Woman's Heart,
Successful
Single Moms,
and Pilgrim
Prayers for Single Mothers.
