MoneyWisdom Blog

4 Questions to Ask Before Remarriage

Posted by Sandra Quadros Bowles on Oct 28, 2019 1:08:30 PM

Oscar Wilde wrote, "Second marriage is the triumph of hope over experience." The Irish writer had a good point. People who are widowed or, specifically, divorced know that marriage isn’t always a fairy tale, and it doesn’t always end happily. But that doesn’t stop people from trying again, particularly as they grow older.

Statistics show that 67% of those ages 55 to 64 who were previously wed will remarry. But there’s another sobering statistic these couples should consider. On paper, at least, they are more likely than not to experience another marriage upheaval, which is why you and your partner should sit down and ask each some questions before giving marriage a go again.

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Topics: Divorce, Weddings

Debt and Divorce: 5 Basic Facts

Posted by Hanscom Federal Credit Union on Oct 19, 2019 6:00:00 AM

Divorce can be a long and painful process – but add debt issues to an already emotionally heated experience and the fire can quickly rage. To cool the situation down and do the right thing for you both, it is important to know these 5 basic facts about debt and divorce.

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Topics: Divorce, Debt

How Changing Your Name Affects Your Tax Filing

Posted by Diana Burrell on Mar 6, 2019 10:39:41 AM

It's tax time again, but there's something very different this year: someone's name has changed in your family. It could be because of a marriage, divorce, or your child's adoption. With a name change, it's important to take the following steps to ensure your tax return is accepted and processed without issue by the Internal Revenue Service (IRS).

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Topics: Divorce, Taxes, children

7 Steps to Building Your Post-Divorce Budget

Posted by Diana Burrell on Jan 10, 2019 1:52:00 PM

 

You could be in the position to splurge on a sexy, sporty sedan to celebrate your divorce. On the flip side, the loss of your spouse’s income contribution to the household could be greater than your drop in expenses.

Either way, a post-divorce budget will let you know where you stand with your finances, help you avoid getting whacked with surprise expenditures, and keep you on a steady course of financial stability.

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Topics: Money Management, Divorce, budget

Getting Divorced? Don’t Overlook Retirement Benefits

Posted by Hanscom Federal Credit Union on Dec 20, 2018 12:10:00 PM


The issues that couples deal with in a divorce are often emotionally charged. While couples argue about the immediate issues – the house, child support, debts, etc. – they may overlook or underestimate the importance of retirement benefits. It’s important to know your rights to retirement benefits because these benefits are not automatically split in a divorce.

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Topics: Divorce, Retirement

Going Through A Divorce? Don’t Change Your Beneficiaries… Yet

Posted by Diana Burrell on Mar 23, 2018 7:00:00 AM

If you or your spouse have filed for divorce, you may have the overwhelming urge to change beneficiary designations on your checking and share accounts, personal investments, life insurance, and retirement savings accounts — especially if your relationship with your spouse is contentious. The last thing you want to do at a time like this is ensure your soon-to-be ex gets their hands on money that belongs to you, right?

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Topics: Money Management, Insurance, Divorce

Divorce: What Will It Cost You?

Posted by Hanscom Federal Credit Union on Sep 15, 2017 12:53:26 PM

Rarely any couple that exchanges marriage vows expects to face divorce someday. Yet, for 40-50% of first marriages, and 60% of second marriages, divorce is a reality. Aside from the emotional cost of divorce, especially when there are kids involved, there can be a huge financial cost: Divorces can cost anywhere from a few hundred dollars to a few hundred thousand, depending on a number of factors. Here are some of them: 

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Topics: Money Management, Divorce

Managing Your Money During a Divorce

Posted by Hanscom Federal Credit Union on Feb 17, 2017 1:01:00 PM

The emotional toll of divorce is tough enough without worrying about the impact it can have on your finances. It’s important, however, to be aware of how splitting up will affect your finances – short-term and long-term. Here are some specific steps to take early on to protect both your money and your credit rating:

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Topics: Money Management, Divorce, budget

Housing Factors to Consider When Divorcing

Posted by Hanscom Federal Credit Union on Feb 29, 2016 6:00:00 AM

When a marriage ends, housing can be one of the most challenging transitions to work through. If you are facing this hurdle, try as much as possible to remove emotions from the equation and use the following factors to make a choice that will set you up for a more secure financial future.

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Topics: Divorce

Documents to Update After Divorce

Posted by Hanscom Federal Credit Union on Feb 26, 2016 7:30:00 AM

Divorce_and_Documents.jpgIf you died tomorrow, who would inherit your estate? Who would get the proceeds from your retirement plan and/or life insurance policy? If you were incapacitated, who would have the legal right to make medical and financial decisions for you? If you named your ex-spouse, you may need to make a call to your lawyer and insurance company.

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Topics: Divorce

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