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What are the biggest estate planning mistakes women make?

Everyone makes mistakes, but some are far more costly than others. When it comes to divorcing in Michigan, this is an important fact to keep in mind. Why do women need this advice more than men? According to Forbes, 56 percent of women allow their spouse to control the finances in the relationship.

This puts many women in an unfavorable financial position after divorce. Because of this, women often rely heavily on alimony to make ends meet while they get their lives and careers back on track. However, it is fair to conclude that men who leave the financial control to their wives may face the same problems when they divorce. By avoiding these mistakes, you may help to reduce the financial pressure you face after divorce.

Not claiming assets

If your husband controls the finances in the relationship, you may be left in the dark about just what you have access or rights to. This could include IRA or 401(k) accounts. Once these assets are divided and distributed, however, many women then fail to designate beneficiaries for it. It is especially important to do so if you have children or dependents.

Leaving the will as is

Chances are your spouse was listed as a main beneficiary on your will. When the marriage ends, it is a good idea to update that. With divorce also comes the separation of assets and the will should reflect these changes, as well.

Failing to plan

Some people are planners and others trust that they will act decisively in the moment. When it comes to divorce, a solid plan is typically the better course of action. Take the time to not just plan for the divorce, but life -- and death -- afterward.

No plan will provide a 100 percent guarantee of smooth sailing in divorce. However, having no plan at all leaves the financially dependent party in a marriage increasingly vulnerable to economic hardships upon divorce.

This article provides information on divorce for women and should not be used as legal advice.

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