With females living longer than males and some marriages ending in divorce, it can make sense for women to make sure they financially plan in case they find themselves single again.
It's also important to understand what debt you share with your husband or would be liable for down the road. If you have co-signed any loans, consider it yours except in certain situations .
However, even if you don't share the debt directly, creditors have the right to seek repayment from your husband's estate if he still owes money upon his death. Translation: You should know how any debt can affect marital property.Not all assets pass on the same way, so it's important to know what's in your husband's will and what should be addressed separately, Geller said.
For example, whoever is listed as the beneficiary on some accounts — i.e., an individual retirement account or life insurance policy — is generally the person who would inherit the money regardless of what the will says. Additionally, make sure you think about the family home. In most states, if it is deeded as "joint tenancy with right of survivorship" or "tenancy by the entirety," the property automatically belongs to the surviving spouse, no matter what your will says. If you own the house in "tenancy in common," though, your spouse could leave his share to someone other than you .
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