"Surveys have cited money as being one of the leading reasons many marriages end in divorce. By not surrendering your economic rights, your will keep money from ending your marital bliss.
African American women make important financial contributions to their families. Whether in two-income families where both husband and wife work, one-income families where the female stays home, or the single-parent female-headed household where the African American female is the sole provider, it is not uncommon for African American women to give up most, if not all, of their economic power. For example, the African American woman may give up or sacrifice her financial security for a college education for her children or let the man assume the role of provider and master of the family treasury.
Besides having a say in the major financial matters of the household, a female co-provider should also exercise her own economic powers by doing the following:
*Maintain a separate savings and checking account.
*Become the owner of your spouse's life insurance policy.
*Maintain your own credit card and open lines of credit.
*Have your own will.
*Have your own lawyer and financial advisor.
*Arrange a prenuptial agreement, if you are single.
*Maintain your own investment portfolio.
*Learn your rights as an ex-spouse (if you are divorced) in the state in which you reside.
*Retain a portion of all of your earnings before contributing to joint accounts.
Here are several other factors about being a co-provider or sharing economic power for you to consider:
1. Many men view marriage as a business merger. African American Women's financial interests may be best served if they view marriage the same way.
2. Men respect women who are financially savvy.
3. The best thing you can do for poor folks if not to be one. This includes the poor folks who may live under your roof." Smart Money Moves For African American Women by Kelvin Boston
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Posted By: Esther Pinkston
Sunday, August 31st 2008 at 11:27PM
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