Yes, it’s a depressing thought, but I’ve seen so many of them in the trans community over time that I thought I should share these two articles I found on the topic.
One of called “What Every Married Woman Should Know About Money,” by Carol Mithers and has a bulleted list of 7 items:
- 1. Carry your own plastic.
- 2. Read the fine print.
- 3. Define what’s yours, mine, and ours.
- 4. Don’t give up bill-paying duties.
- 5. Get to know your financial advisers.
- 6. Make plans for the future.
- 7. Keep your professional hat in the ring.
The other is “What To Do When You Can’t Afford a Divorce” also by Carol Mithers and has this useful bit of advice about credit:
Credit is a different story. “Shred joint cards and get a new one in your own name,” recommends Lisa Decker, an Atlanta-area-based financial analyst specializing in divorce. “It can be hard for a woman to get credit after a divorce, especially if she hasn’t been working. If you have a balance you can’t pay off on existing credit cards, freeze the account so that neither partner can run up the debt further. Also put freezes on home equity so that neither of you can take out a second mortgage or line of credit.”
Not cheery, but still important reading.