MoneyWisdom Blog

Getting Divorced? Don’t Overlook Retirement Benefits

Posted by Hanscom Federal Credit Union on Jul 13, 2016 11:20:46 AM


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: Retirement and Investing, Divorce

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

Repaying Debt After Divorce

Posted by Hanscom Federal Credit Union on Feb 24, 2016 8:30:00 AM

Divorce_and_Debt-1.jpgAs part of the divorce process, it is typically determined who will pay what debt. If you are responsible for some of the accounts, you may be worried about your ability to make payments. (After all, going through a divorce does not leave most people flush with cash.) If this is the case, it is a good idea to contact your creditor(s) immediately. Many creditors are willing to work with consumers experiencing hardship and allow them to make lower payments temporarily. When contacting them, keep the following tips in mind:

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Topics: Divorce

Building Credit After Divorce

Posted by Hanscom Federal Credit Union on Feb 22, 2016 7:27:57 AM

Married people frequently take out credit together. However, as part of the divorce, you may have closed down or been removed from joint accounts. If you no longer have credit cards or other types of credit, it is a good idea to establish your own credit history. Do you plan on getting a mortgage or car loan in the future? In order to get one, especially at a low interest rate, you generally need to have a good credit score. Having a good credit score can also make it easier to rent an apartment and get low rates on insurance. You can’t have a good credit score unless you have credit that you use responsibly.

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Topics: Divorce

The Biggest Financial Concern Divorcing Couples Have

Posted by Bill Burpeau on May 8, 2015 9:06:00 AM

It is widely known that divorce is expensive.  By the time you add up attorney’s fees, court costs, mediation costs, and possibly the cost of refinancing property, a divorce can cost as much or more than a wedding.  But the expense of a divorce is not the biggest financial concern most people have.

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Topics: Divorce

Building a Budget After Divorce

Posted by Hanscom Federal Credit Union on May 6, 2015 9:00:00 AM

There are few things in life that can throw a wrench in people’s finances like a divorce. The loss in income is likely greater than the drop in expenses. There may be joint debt that you have to figure out how to repay and wills, life insurance policies, and other documents that are now outdated. If you and your ex-spouse divided up financial responsibilities – for example, you did the budgeting and he or she took care of retirement planning – you may be worried about handling tasks you did not have to deal with before. However, by arming yourself with knowledge and taking the time to create a new plan, you can have a financially successful future.

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Topics: Money Management, Divorce

Debt and Divorce: The Basics

Posted by Hanscom Federal Credit Union on May 4, 2015 11:20:00 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 the facts about debt and divorce.

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Topics: Divorce

10 Tips to Get Your Finances in Order Before a Divorce

Posted by Hanscom Federal Credit Union on May 1, 2015 2:43:00 PM

Divorce is traumatic — emotionally, physically and financially. I know — I’ve been there. There’s a lot to worry about, especially if you have children, which is why you need to take control where you can. The best place to start is with your finances, which can easily become a huge mess if you’re not careful.

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Topics: Divorce

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