A lot of women are scared of divorce because it means that they alone will be responsible for supporting their household.
It’s amazing to see the abuse some women are willing to endure because this fear for them is so paralyzing.
Personally, I think having sole responsibility for your household is the prize for having endured — and escaped from — a toxic relationship. I think it’s the best part of being divorced. Once you are divorced, you alone are in charge of how much money comes in, how much money goes out, and how every penny of that money is spent.
You can choose to be afraid of it, or you can choose to embrace it. But no matter how you feel about being the head of your household, when you get divorced, it will be a reality.
So why not rock this thing? Why not become the most kick-ass head of any household, ever? Here’s how.
Here’s a checklist of what you need to know:
- Know all of your assets. Know where all of your money is. Bank accounts, real estate, stock, 401Ks, pensions, bonds, intellectual property, furniture, art, antiques, jewelry. Know the value of all of your possessions. If you’re not sure, have it appraised.
- Know all of your liabilities. That means loans, debts, mortgages, notes. Know exactly what you owe, when it is due, and what interest you are paying.
- Know your income. Not just your salary, but any money coming in: stock dividends, rental income, interest earned, royalties.
- Know your expenses. Bills, fees, interest, tuition, salaries, donations, tips.
- Know your earning potential. Not just what you can earn, but what your money can earn also.
Here’s a checklist of what you need to do:
- Question everything. Read every bill or statement and question anything you’re not sure of. Don’t be shy. Make phone calls. People are trying to take your money all the time — don’t let them!
- Budget. Put your money into “buckets” and only spend what you planned to spend in each category.
- Consult experts. Hire an accountant to do your taxes, a financial manager to help you invest, an estate planner to execute your will.
Does this seem like a lot to wrap your brain around? Just take it one step at a time. But don’t stop till you know all of this stuff inside out. Once you do, you will feel empowered and in control. You will know exactly how to take care of your family.