Thursday, December 1, 2011

How to Help Older Divorcing Women Avoid the Bag Lady Blues

by Carol Ann Wilson (2006)

"I don't want to be a bag lady!" This is a common refrain these days by millions of women across the country. And no wonder. Seventy-five percent of the elderly poor in the United States are women, according to the U.S. Department of Human Services. The majority of these women are single, due to divorce or the death of a spouse. Divorced women are swelling the poverty rolls. Why? The courts are trying to split the marital property 50/50, yet they traditionally overlook one major asset of a marriage: the husband's career. Unfortunately, many courts don't recognize career assets as property. These assets include:

                 Health insurance
                 Life insurance
                 Disability insurance
                 Vacation pay
                 Sick pay
                 Education and training
                 Seniority and networking
                 Potential earning power

In creating a financially equitable settlement, it is important to remember that property is divided just once, but career assets continue to produce income regularly for years..."

To read this pdf article, click on the title or HERE

Carol Ann Wilson, CFP®, Certified Financial Divorce Practitioner®, in Longmont, Colorado, has been a recognized specialist in marital financial issues for more than 20 years and is a pioneer in the field of divorce financial planning. She has served as an expert witness in court in over 120 divorce cases nationwide. She is on the board of directors for the Academy of Financial Divorce Practitioners, which trains financial professionals. Information is available at Wilson is also the author of The Financial Guide to Divorce Settlement and 40 Tips for Surviving Your Divorce, and co-author of The Survival Manual for Women in Divorce, The Survival Manual for Men in Divorce, The Dollars and Sense of Divorce, and ABCs in Divorce for Women.