Five Financial Mistakes Married Women Make

Here are five common financial mistakes married women make — along with some advice on how to avoid them.

1. Mistake: Handing Over the Purse Strings By not engaging in the family finances, women set themselves up for potential hardships. Many women who managed their finances perfectly well while they were single, fail to stay informed after they got married which could lead to financial hardship.

Solution: Pay Attention to the Household Finances Both partners should attend the meetings with insurance agents, accountants, financial planners and lawyers. Women should also look over monthly bank statements and credit card bills and couples should make a list of all bank and brokerage accounts and insurance policies and keep it with other important documents, such as wills and medical directives.

2. Mistake: Losing Your (Financial) Identity Many women close out their old accounts and use joint accounts. Although there is some practicality to this it may result in you losing your own individual credit rating.

Solution: Maintain Some Individual Accounts You always want to maintain your own credit identity. It is recommended that couples keep three bank accounts (his, hers and ours) and maintain separate credit cards.

3. Mistake: Walking Away From Your Career While you might welcome the chance to stay home with your kids, the longer you're out of the work force, the harder it can be to jump back in. Women often face low ball wages or lower job titles when they try to return to work after a long hiatus.

Solution: Keep Your Skills Fresh It might be hard to do when you're up to your eyeballs in dirty diapers, but unless you're independently wealthy, you should always be aware that you might someday return to the work force for one reason or another. (Kids, after all, do grow up.) So don't lose touch completely. Try to take on consulting projects during your industry's busy season and attend professional networking events. Even charity work can give you a leg up when you start applying for a new job.

4. Mistake: Not Saving for Retirement Many married women don't make retirement-saving a priority. If the husband is the primary wage earner, the wife often trusts her spouse to save enough for their collective golden years.

Solution: Penny-Pinch Now for Your Future Make saving for retirement a priority even if it means stashing away less for your children's college education. If you're working, save as much as you can in your company's retirement plan, or in an IRA. If you're not employed, contribute to a spousal IRA.

5. Mistake: Asking for the House During a Divorce Women often focus so intently on winning custody of the children or keeping the house that they lose sight of the bigger financial picture. Many fail to look at the entire financial picture including what their life will be like after the divorce.

Solution: Get Financial Guidance When women are going through a divorce, they need to determine which assets will help them pay their bills and reach their long-term goals. Some women might want to consult a financial planner as well as a real estate professional that specializes in these situations.

Donna Thomas is a Realtor who has expertise in advising and guiding people through complex real estate transactions. For more information contact donna@donnabthomas.com