I have clients, friends, and associates that are divorced. They all expressed that the experience was horrible, depressing, stressful, and left them financially bankrupt. Most of them had no idea what to do because their husbands cared for everything. I was amazed that, in the 21st century, women who are still clueless when it comes to their finances or give their spouse 100% control over everything. Is this you? There are two guarantees in life: death and taxes. Yes, I’m married, and I pray I stay married for a long time, but I know my husband is going to die. I’m financially prepared if he dies before me or we get a divorce. Can you say the same?
If you’re going through a divorce or thinking about one, make sure you have the following things. Your future will thank you!
- Have your own bank account
Before you got married, hopefully, you had your own bank account. If you decided to close that account and only have an account with your spouse, go to the nearest bank and open an account. This account is a part of your credit history. 90% of lenders/creditors look at your banking history and how you manage your money. Most bank accounts can be open with $25 or NO fees. If you have a family account where all the bills are paid, that’s fine, but YOU need your own account. Yes, when you said, “I do”, you become ONE, but you are still two different people.Here are some banks you can get started with:
- https://www.capitalone.com/bank/
- https://www.chime.com/
- https://www.bankofamerica.com/deposits/bank-accounts/
- Also, try your local Credit Union as well.
- Life insurance
1 in 4 Americans doesn’t have life insurance. Is this you? Before I married my husband, I had life insurance. I kept the same insurance but took out more because I got married. When working with clients, I learned that people who have been married for years don’t have life insurance for themselves or their spouses. If you don’t have life insurance, get some, and if you do, please make sure you change the beneficiary. I’ve witnessed people get divorced after 20 years, and they never removed their ex’s name, and when they died, the ex received all the money, and nothing was given to the children. Also, if you have children under the age of 18, make sure you request your spouse to keep a certain amount of insurance on himself. This can be added to the divorce decree. This is important because if your ex-husband dies prematurely, he will no longer be paying child support. This will put you in another financial bind. - Health insurance
More than often, women are enrolled in their husband’s health plans. He will most likely pay for the kid’s insurance when you divorce, but you will be terminated from his insurance. There are private health insurance companies you can enroll in, such as:- https://www.affordable-health-insurance-plans.org/
- https://www.insuranceplanpros.com/
- https://www.healthmatchingaccounts.com/
Depending on your financial situation when you divorce, you can also apply for Medicaid. Click here to learn more.
- Read Smart Women Finish Rich by David Bach
This book changed my life. I learned, as a woman, what I was doing wrong, right, or what I needed to improve when it came to my finances. It will help you get organized and empower you to be your best in your financial life. - Ask for help
Going through a divorce or looking into divorce can be scary and a time of uncertainty. The best thing to do is get legal advice. You may not be able to afford an attorney on your own, or your spouse may not be able to afford your legal fees. Legal Shield can help you access an attorney for as little as $29.99 a month. Learn more about its services. - Start saving money
Last but not least, start saving money. Once you open that bank account, open a savings account as well. You need to save as much money as possible. This money will help you make your transition and pay for things going forward. This great savings account can help you earn more than a regular savings account. Learn more.Be aware, be informed!