Get a Team of Advisers
“If going through a divorce, you should get a financial adviser in addition to your attorney. Sometimes lawyers don’t understand the financial aspects,â€ says Broussard, who points out that attorneys do not specialize in finances. “Lawyers just say to split it down the middle: ‘You take that, he takes that, and give me my fee.’â€
Oliver stresses that if you are entitled to half of your husband’s wealth, make sure you invest it wisely. “What you do to preserve that half is what matters,â€ says Oliver. “Be savvy enough to know to put that half away for the long term.â€
Establish an End Date to Any Alimony
In today’s society, it’s not uncommon for the woman to be the breadwinner in the household.Â In these cases, more women are paying alimony to their husbands instead of the other way around. “Make sure that whatever obligation you have to pay out money for alimony has an end date,â€ says Douglass. The good part is you get to deduct alimony on your income taxes as an expense.
Since Patricia Hutchins’ husband passed away last August after suffering a heart attack, she has been understandably somber. But if you wish to make the 58-year-old homemaker laugh, just ask her if she plans to return to work. “No; for what?â€ she quips with a chuckle. “I don’t have to have that extra worry about what I am going to do, or where I am going to stay. I volunteer at the church and I plan to continue doing that.â€
Hutchins is proof that it doesn’t require a six-figure household income to prepare for the future. Thanks to sound budgeting, reduction of debt, and affordable insurance coverage, Hutchins is able to continue her lifestyle after the death of James, her husband of 40 years. “When two people are married there is a spiritual connection, and my husband was my best friend. The grieving process would be really messed up if the finances were not met,â€ says Hutchins.