There’s an interesting article at Star-Telegram that explores the ramifications of couples who work at the same company during this recession.
The article said:
As layoffs mount across the country and in all sectors, couples who are co-workers are increasingly vulnerable to losing their families’ twin sources of income at once. The lack of variety in job skills can also make it difficult to bounce back, especially in a struggling industry.
We have all heard about the Lupoe tragedy where a couple experienced job losses at the same company and met a tragic end. But the circumstances of that tragedy is not isolated, many families are losing both bread winners as companies implement job losses in their efforts to avoid bankruptcy.
According to data from the census bureau approximately 53 percent of all married couples, and 64 percent of married couples with children under age 18, rely on two incomes. And although there are no exact statistics related to co-worker spouses it is assumed to be quite high due to the fact that the workplace is one of the top three places where couples meet.
This can be a great thing but it does have its perils; such as when a company experiences job losses. Because of legal issues, companies who are often facing bankruptcy, cannot consider family status when laying off workers. This has huge implications for co-worker spouses who rely heavily on two incomes.
As we see more and more co-worker spouses experience job losses we will see an increase in the number of foreclosures and bankruptcies especially amongst co-worker spouses who have the exact same job skills in weak or failing industries.
If you and your spouse are working at the same company, here are a few things you can do to protect your assets from job losses:
- Reduce your expenses.
- Begin living off of one income.
- Cut back on luxuries and place one of your salaries into savings.
If you are a co-worker spouse and have already experienced a job loss, call a bankruptcy attorney to find out how you can protect your assets using bankruptcy. Bankruptcy can offer many benefits to co-worker spouses who have lost their jobs during this crisis.