Category: Getting Divorced

Managing Debt

Debt Management What is debt management?   As a modern consumer, you need credit. When you were growing up, you may have heard your parents or grandparents say, “If you can’t pay for it with cash, then you can’t afford to buy it.” That may have been sound advice...
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Getting Help from a Financial Professional

Are you suddenly on your own or forced to assume greater responsibility for your financial future? Unsure about whether you’re on the right track with your savings and investments? Finding yourself with new responsibilities, such as the care of a child or an aging parent? Facing other life events,...
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Divorce and Medicaid

Why should divorce be considered a Medicaid-planning tool? With respect to a married couple, financial protection of the healthy or at-home spouse is always an important concern. In certain rare cases, divorce might be the most practical move (from a purely financial perspective). This is because a divorce court...
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Dealing with Divorce

Divorce can be a lengthy process that may strain your finances and leave you feeling out of control. But with the right preparation, you can protect your interests, take charge of your future, and save yourself time and money. You certainly never expected divorce when you cut the wedding...
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Budgets and Cash Flows

Why is the preparation of financial statements important during the divorce process? Before a reasonable property settlement can be negotiated, it’s important for both spouses in a divorce to disclose all assets, liabilities, sources of income, and expenses. By arranging this information in standard financial statements and by analyzing...
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Divorce and Debt

What is debt and how is it classified for divorce purposes? Like property, debt is classified as marital or separate. In general, both spouses are responsible for any debts incurred during the marriage. It doesn’t matter which party actually spent the money. When the property is divided at the...
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Divorce and Estate Planning

Divorce and Estate Planning How does divorce affect estate planning? Wills for both spouses are often drawn up sometime during the marriage–particularly if there are children involved. When divorce is contemplated, the selection of beneficiaries and executors will likely be revised to reflect the absence of your former spouse....
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Planning Concerns of Divorcing Couples

Why is it important for you to understand the basics of divorce law? While divorce is certainly a time of emotional turmoil, it’s a time of financial upheaval as well. The financial change brought about by divorce can be particularly devastating to families with children and to older couples...
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Getting Divorced Checklist

General information Yes No N/A 1. Has relevant personal information been gathered? Each spouse’s name, date of birth, and Social Security number Names and birth dates of children Date and place of marriage and length of time in present state Information about prior marriages and children Date of separation...
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