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Commentary: Why married women should get up to speed on finances now

We’ll clear one thing up immediately concerning today’s above blog headline before delving into the subject matter of an informative opinion piece.

That is this: The practiced family law legal team at the Law Office of Rajeh A. Saadeh in Somerville knows intimately well that legions of married women don’t need reminders or schooling regarding financial learning and asset management. Some of our female divorce clients are business professionals at the highest level, owning companies and/or managing diverse assets. Many of them are the primary decision makers in their marriages concerning financial matters.

Notwithstanding that reality, though, the above-cited CNBC article does convey a woman-centric approach regarding divorcing parties’ need to command acumen surrounding financial matters. The reasons why are many, says network financial writer Sarah O’Brien, including these:

  • Simple actuarial realities – women generally outlive men, and by a handful or more of years
  • Divorce is prevalent, with research indicating that nearly 70% of all dissolution filings are initiated by women

That leads to a clear takeaway underscored in the comment of one wealth adviser that “women are often the last one standing” in a marital relationship. Scores of millions of them – owing either to a spouse’s death or divorce – will ultimately handle financial matters alone, and often for a lengthy period.

That behooves getting things right. What that essentially entails is a concerted and straight-ahead effort at an early juncture to fully understand all key marital asset matters. How much money do we have? How diverse are our assets? Where are they located? What’s the story on debt? Do we have an estate plan and, if so, what do its provisions dictate? Will I have enough money to live on if my spouse dies or we get divorced?

Those questions are varied and challenging. They can be candidly raised in consultation with an empathetic and results-driven family law attorney.