This is a topic that no one really wants to talk about.No one wants to think about something awful happening to their spouse or to their marriage. But in reality, we can't talk about financial planning for moms without acknowledging that nearly half of all marriages end in divorce.
The latest US Census reported a 7.5% marriage rate and 3.6% divorce rate per every 1000 people. And of course we all know that the death rate is 100%!
So while I certainly expect the best for my marriage and yours, and for the health of all of our dear spouses, let's at least consider the topic of creating a safety net for ourselves in case the unthinkable should happen.
Action Plan:
- Have all the information on your family's financial accounts. This includes your own accounts, joint accounts, and your spouses. Know locations, account numbers, and passwords. This includes information on any insurance policies.
- Have money to which you have ready access. This could be your emergency fund, or another small account to which you have easy access. Should you need money quickly in the event of an emergency, you don't want to have to wait a few days to transfer money around.
- Have adequate insurance. This includes life insurance for your and your spouse, homeowners, and car insurance.
- Have a plan for how you'd earn money, should the need arise to generate your own income.
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