Are You Doing Enough to Protect Your Assets from Your Spouse?
Women hold more than 60 percent of wealth in the U.S. – and the number of affluent women is on the rise.
So, the question becomes: are we doing enough to protect our assets?
“I see more situations where the wives’ earnings are outpacing the husbands’ and the laws are sexually neutral,” GrayRobinson family law attorney Michele Cummings tells PINK. “If they have accumulated wealth, women end up paying alimony and splitting the assets they’ve earned.”
She recommends postnuptial agreements for women without prenuptial arrangements gaining significant traction in their careers, or at least discussing the idea with a lawyer.
Cummings knows from experience. Her sister became very fruitful in her career and started making more money than her husband. He grew disgruntled and “it cost a bundle,” she says.
It’s a conversation she says more women really should have. But, many of us are still reluctant to ask since it can be interpreted as, “I don’t trust you.”
“Marriage is as much a business relationship as a love or sex relationship,” says Cummings. “Our skills in these areas lag way behind economic and social realities.”
Rather than being fearful, Cummings says women should be more concerned with protecting themselves; while keeping in mind that a postnuptial is flexible.
“You can go back and change it at any time, so it doesn’t seem so oppressive,” she explains.
If you don’t do it when you’re 35 or 40, you may turn around at 50 and it’s too late.
“If nothing else,” says Cumming, “start thinking about it.”
PINK Minute Mentor: SunTrust’s Amanda DeMartini offers insight on maintaining financial independence in your second marriage.
COMMENT: How did you ask your spouse for a postnuptial agreement? Share your tips!
BONUS PINK LINK: Is Facebook in your will?
PINK Minute Mentor: Why are women the most sought after financial advisors? SunTrust’s Jennifer Ritorto says our knack for nurturing certainly helps.
By L. Nicole Williams
“A charming woman doesn’t follow the crowd. She is herself.” Loretta Young
Image from Shutterstock: Pablo Calvog
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