How is your legal heath? The current economic climate is reeking havoc on families in numerous ways that are more subtle than the obvious layoffs and bankruptcies. From divorce to death, women need to prepare and protect themselves and their families.
The non-breadwinning spouse, who typically is the wife, can be left in a difficult predicament when the other spouse passes away, is laid off and/or walks out on the family. A common story is that the wife stopped working when children were born and has spent the last ten years being Mom. She tends to the children and the household but leaves the financial issues to the spouse. While working hard, she has been out of the paid workforce. A lot has changed.
Sadly, too many people are complacent and trust their spouse to handle all monetary issues. They suddenly are left alone with no idea of their true financial condition. They often have no idea there were problems until it was too late. The problems were there; they just didn’t recognize them. Now that disaster has struck, they don’t know how to handle the financial aspects of their life. Being prepared may not prevent a tragedy from occurring, but you will be in a better position to protect yourself and your children.
How do you protect yourself when the world tragically crashes around you? You need to start now. Talk to your spouse. Get to know your family’s financial situation by making sure you have access to bank accounts, retirement accounts, credit cards and passwords. Have a will and know where it is. Analyze your work skills, get training and certifications, just in case you do have to return to the workforce.
Everyone should perform a legal check-up of their family’s situation at least once a year, and in this economy, it is prudent to evaluate more often. Don’t let the future surprise you, prepare for it! Do you have a will, a Medical and Durable Power of Attorney in case of incapacitation? Have you made provisions for your children? Do you have adequate life and health insurance? All of these issues, if not addressed, will pose a real problem if the employed spouse dies or is incapacitated. Once your legal health is evaluated, if necessary, take action to protect yourself and your family. The cost benefit of planning ahead could save you money and give you a safety net especially in this economy.
Mitchell & Duff, LLC is an AV-Rated Texas law firm that was created in November of 2009 by merging the practices of Elizabeth Duff Drozd and Amy Mitchell. The only female-owned law firm in Fort Bend County, their offices are located in Richmond, Texas.
Mitchell & Duff, LLC is an AV-Rated Texas law firm that was created in November of 2009 by merging the practices of Elizabeth Duff Drozd and Amy Mitchell. The only female-owned law firm in Fort Bend County, their offices are located in Richmond, Texas.