Marriage is a partnership, and the division of labor often falls into a pattern based on how a couple live. Traditionally, men were seen as the ones who take care of the finances while women are charged with the care of the home and family. Many New Jersey women may feel that they have a good sense of financial responsibility, and may even handle many of the household finances. However, when they find themselves facing divorce, the sense of security can fall away rapidly.

Perhaps the general upheaval caused by divorce contributes to this feeling. Everything that one thinks one knows is suddenly thrown into disarray. Month-to-month income is very likely to reduce significantly; however, one may feel that this is a challenge that can be overcome. The fear of running out of money now may be far lower than the fear of what happens in the future. Instead of a comfortable retirement, the prospect of potential poverty in one’s twilight years may be a reality that has never been considered.

It is never too late — or too early — to start learning about short, medium and long term finances. Advice is available from many sources, and it isn’t necessary to wait until divorce rears its head before looking into ways to understand financial independence. It also sets an example for one’s children that could potentially reduce problems for them in the future if they find their lives turned upside down by the loss of a spouse.

There is no way in which one can prepare him or herself for every eventuality, however prepared a New Jersey resident may feel. Something as important as one’s financial future cannot be left to chance. If one is thinking about divorce then seeking advice from appropriate sources on the various aspects is the best way forward.

Source: insurancenewsnet.com, “Divorce Creates Financial Crisis For Most Women“, May 16, 2017