Category: Marriage/Divorce
-
I’m marrying someone with bad credit. How will this affect me?
Answer: You are not responsible for your future spouse’s bad credit or debt, unless you choose to take it on by getting a loan together to pay off the debt. However, your future spouse’s credit problems can prevent you from getting credit as a couple after you’re married. Even if you’ve had spotless credit, you…
-
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 time of divorce, it’s often the case that…
-
Planning for Marriage to Someone with Children
What is it? Marrying someone with children means that your finances will become a lot more complicated as you take into account the needs of your spouse and any children who join your household. Many of the issues you confront will be the same issues that any couple marrying will face, including budgeting, insurance, and integrating your…
-
Planning for Remarriage
What is it? If you’re planning to remarry, you must decide how you and your fiance will combine your finances, and you’ll need to plan a financial strategy that considers the assets, liabilities, and financial responsibilities that each partner brings to the marriage. You’ll find that financial planning for marriage is more complicated than it was the…
-
Investing as a Couple: Getting to Yes
In a perfect world, both halves of a couple share the same investment goals and agree on the best way to try to reach them. It doesn’t always work that way, though; disagreements about money are often a source of friction between couples. You may be risk averse, while your spouse may be comfortable investing…
-
Married Filing Separately: Filing Status
What is it? Married filing separately is an option available to all married individuals when choosing a filing status for their federal income tax returns. Your filing status is important because it determines, in part, the amount of your standard deduction, the deductions and credits that are available to you, and the amount of your…
-
Adjusting to Life Financially after a Divorce
There’s no doubt about it — going through a divorce can be an emotionally trying time. Ironing out a divorce settlement, attending various court hearings, and dealing with competing attorneys can all weigh heavily on the parties involved. In addition to the emotional impact a divorce can have, it’s important to be aware of how…