Money smarts after that divorce
By Dian Vujovich
If I were Mr. Weiner’s wife, I’d be calling my divorce attorney. Married less than a year and to a guy who prefers snapping crotch shots then sending them out into the tweeting world doesn’t bode well for building a base for a solid long-term marriage. But that’s just my opinion.
Whether a divorce is on their calendars or not, one thing that’s certain: Plenty of couples are going to get divorced this year. They, divorces, happen every year. And, often lead people to do things they might not ordinarily do with their money after their marriage has broken up.
Earlier this week, I read a piece about the seven biggest “post-divorce money mistakes” people make from CreditCards.com. The info was worth sharing—perhaps even tweeting.
Here are a few examples of the financial messes people can find themselves in from Erica Sandberg’s story titled, “7 big post-divorce money mistakes”:
•”Ignornace. While a divorce decree may specify who is to pay what account, it carries little weight with lenders.
The most frequent mistake of all after divorce is assuming that because the ex has been the one ordered to pay back the debt in the divorce, they are off the hook for it,” says Lisa Decker, an Atlanta-based certified divorce financial analyst. “Most people do not understand that courts do not have the authority to make creditors abide by a judge’s orders in a divorce.” If possible, delete jointly held debts before leaving, then close all co-signed accounts.”
• Delusion. If you relied on the other person’s income during the marriage, your cash flow may take a hit. As it constricts, so must your budget. Unfortunately, many who are accustomed to abundance deny reality and continue to shop as before. The bills, however, wind up on the cards.
•Revenge. Wanting to ruin your ex by charging up the cards is a frequent response to betrayal.
• New love. Getting sucked into a fresh romance when a marriage falls apart can be seductive. It can also be pricey
.. Noah B. Rosenfarb, a certified public accountant in Short Hills, N.J., says one of the most common post-divorce credit issues for female clients are loans they make to new boyfriends
The full story is at: http://tinyurl.com/3b8ho6p.
Read it and learn.
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