Marital Money

Money Musts When you Split up

divorce proceedings

One of life’s most difficult events occurs when a couple decides to split up.  So it should come as no surprise there are potentially significant financial consequences attached to the separation as well.  Although it is an emotionally difficult time, there are things you can do financially that can help mitigate at least the financial impact of such a significant life event.

Some of the money musts when you split up include establishing your own accounts that only you can access.  This also means closing all your joint accounts with your former spouse, including any credit card accounts.  In addition, change any PINs or passwords for any current accounts you have in your name only, if you think your ex-spouse could guess what they are.

Contact your mortgage lender or landlord and any utility or phone companies to let them know of your separation.  Depending on whether you are the one staying or leaving, update all these types of financial contracts to either remove your name or your former spouse’s name.  If you have vehicle loans or even if your vehicles are paid off, you will need to determine who will take possession of these types of assets.  If you have any life insurance policies or a will, you’ll want update them to remove any references to your former spouse.

When it comes to issues such as child care and legal division of assets and liabilities, you need to seek independent legal help even if you are on good terms with your ex-spouse.  By contacting an expert on legal and financial matters with regard to divorce proceedings, you can hopefully minimize the disruption that takes place as you and perhaps your children transition to a new life.

Contact us today for help with regards to financial matters when entering into divorce proceedings.

Kelly chisholm - planning the budgetThree awesome ways to manage your Budgeting

Budget management for many is a daunting subject to think about. Here are a few ways to make budgeting a little simpler.

  • Print out your bank accounts monthly statement, if it is not already mailed to you. Set aside time to review what you spend and where you are spending money. Use different colored highlighters and highlight by topic, such as food, shopping, primary bills or entertainment. Add each color up and you can visually see where your money goes each month. This will be an eye opener for many and will allow you to see where you can cut back on spending.
  • If you get paid via direct deposit, set up with your employer a certain percentage to go right into a savings account and the rest to go into your primary checking account. It could be as little or as much as you want, but this way if it is in a separate account and not as easily accessible it won’t be as tempting to use.
  • Eat in more! Cooking at home can not only is a fun way to learn new things and experiment, but it can also be a great way to save extra cash! Make enough for a few meals during the week. If you have prepared food that is ready to eat, the desire to go out and dine will be less alluring. Also, you can make a fun evening out of it. Invite some friends over for a dinner party. Have them bring some ingredients and each make a dish to enjoy!

Hopefully with these ideas, you can gain a new outlook on budgeting!

Couple’s Financial Planning

Financial College Saving PlanAlthough saving for baby is a good idea, it can also feel like a big task. However, with a little determination and a little help along the way, you will be sure that your little ones are cared for far into the financial future. Below is information about The College Life Grow Up Plan from Gerber, which is a good example of the kinds of savings accounts and plans available to make couple’s financial planning and saving money for those college bills easier down the road.

There are various products out there that allow you to save for college, obtain life insurance, and set aside some money for the future of your kids. The Gerber Life College Plan is great because it is a secure and flexible way to save for your baby. The plan features:

  • A secure way to save money that is free from market fluctuations.
  • Unlike more traditional plans like the 529 plan or educational IRAs, the grow up plan is flexible and allows you to use the money for college, or anything else!
  • Coverage doubles when the policy matures at age 18, 19, or 20 years of age, as long as premiums are always paid.
  • Life insurance is also included and paid in full upon death of the policy holder.
  • The policy has a guaranteed payout upon maturity of $10-20,000 or the option to continue coverage.

College FundThe Gerber Life College Plan is unique, but there are more plans out there that include savings for college and life insurance, or a combination, that will fit your family’s needs. The most important thing here is that you are getting peace of mind. Knowing that there is money tucked away is a great factor in feeling sound and secure. Reap the rewards of your hard work by setting aside money for the kids – it’s the best thing you can do for them and for you.

The important thing is that you are saving for the future of your baby. You could use a regular savings account or even a plain old shoe box stuffed with bills in the closet and you would be doing the right thing. The Gerber Life College Plan is one of many that offer great ways to save for college or just about anything. Remember to pat yourself on the back for taking this big step. Consider the help of a financial therapist to discuss your concerns with money and couple’s financial planning.

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