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Divorce Advice for Women
In the heat of the moment, you can easily act out of fear and resentment. This happens also in divorce. And since women are the more emotional of the spouses, they end up making poor financial decisions because they were too angry, too hurt, or too afraid to think rationally.
If you feel as though you are in the same boat as many of these women, stop before it is too late. Follow the divorce advice for women we have below:
Take Stock of Your Net Worth
In the traditional family setting, the men are the breadwinners and the women are the ones responsible for child rearing and keeping the domestic scene together. However, in these modern times, the image of the man as the sole breadwinner is being dispelled as many women are now taking on that role. Now, suffice to say that both men and women are on equal footing when it comes to providing financial support for the family.
In any case, as divorce advice for women, it is important that you take stock of all your assets and liabilities when considering a divorce. Make a list if you have to and indicate which one is yours, his, or joint.
Also. as an added divorce advice for women, organize your financial file, making sure that you include the following:
* Tax returns for the past five years
* Retirement account records
* Insurance policies (life, disability, long-term care, health, homeowners, auto, and umbrella)
* Investment account statements (brokerage, mutual funds, IRAs, SEPs, custodial, and 529 plans)
* Living wills
* Trusts and powers of attorney
* And other important legal/financial documents
Use these as your reference when it is time for you to divide your assets.
Value vs. Price
Sometimes, assets in a marital relation may not yet be turning a profit. However, when you ask a professional to assess it, the objective business valuation says that it is promising. This is what is called value, as opposed to price.
A good divorce advice for women is to understand the value of assets, not just their worth at the time you are considering a divorce. For instance, the husband might own a business, however, it has yet to turn in a profit. But then the prospect looks promising and you are certain that the business is going to make a turn for the better in the future. As a divorce advice for women, you should consider waiting to receive a guarantee of a percentage of the future sales proceeds, profits, and/or income.
This is good divorce advice for women because this way, the business remains for the benefit to the family (children). On top of that, you receive what is rightly yours.