Financial protection

babym6705

Hi Ladies,

I'm not officially a SAHM yet, but DH and I would both like me to be, but my biggest concern is about financially protecting myself. Would you mind sharing with me any advice and tips about how or what you are doing to feel financially secure for both the short and long term? Is there any legal ways to protect yourself financially if something bad like divorce, death, etc., happens?

Keeptruckin

Lots of life and disability insurance At least one credit card in your own name, use it to maintain your own credit history DH and I do each have separate savings as well. Like pp mentioned, I know who I married and he would not leave me high and dry. I worry mostly if he dies, would I still have my own credit history, etc.

notreallyirish

I keep any inheritance and money given to me by family in accounts in my own name. I will use it for our retirement and have used some towards our home and other major expenses, but I try to leave it as my safety net.

vlagrl29

We both have pre-nups.  I have life insurance policies on both of us and I have disability insurance on him in case something bad happened we would be good for 1 year.  We both have our own separate IRA's.  The house is in my name only, but eventually I will put DH's name on it.  I'm kinda anti separate bank accounts though because if your spouse died and you needed his money to pay bills you are SOL even if you are POD until you get the death certificate.  Make sure you have someone listed on all accounts/assets as a primary and secondary beneficiary in case one or both of you pass away.