Agriculture Federal Credit Union (AgFed)’s Post

No one likes to go into a #marriage thinking about it ending, but if your partner is bringing a lot of debt with them, it’s vital that you figure out if you’ll be responsible for it. By and large, debt they incurred before the rings went on is not yours to settle unless you become a joint owner of the account. In most states, you won’t be liable for debt taken on after marriage unless it benefited both parties (car loan, mortgage, etc.). If you live in a community property state, the rules will be different. Communication is key! The best thing to do is to be honest up front about financial situations, and take any legal steps necessary to protect yourself. It’s an uncomfortable topic, but it’s a very important one! #PeopleHelpingPeople #CreditUnions #CUDifference #Community #local #Hometown #myGreeley #weldcounty #NOCO

From my experience, I have been a part of all types of conversations. But one thing I couldn't stress more for newlyweds or people planning on getting married...discuss money before tying the knot. How will you manage the household income? Will one spouse be responsible for certain expenses and the other spouse responsible for the mortgage? Are you planning on funding your kids' education? How will you handle the student loans you are bringing into the relationship? How will you make decisions about money in the future? Are they careless with their money? Money problems can tear couples apart and create lots of resentment (I have seen this firsthand). What's the saying...happy wife happy life? Maybe I'll coin a new phrase..."household income and expenses managed properly and a set of rules you both agree to when making certain decisions...happy and long marriage for the both of you." #FinancialPlanning #Marriage

"Get Married! and then buy a home" But wait isn't it the other way round? How will someone give his daughter to you if you don't own a house? Well it may be an issue for arrange marriage folks, but for all the love marriage male candidates should ideally get married first and then buy a house. Why? Because of these 4 benefits that happens when a man decides to have his wife as a co-owner of the house he is purchasing: 1. Stamp duty reduces by 1-3% instantly. 2. If it's a female, the bank may reduce home loan interest by up to 1%. 3. Income tax deduction up to 2 lakh under section 24B if there's a female co-owner. 4. Loan amount may also increase if there is a female co-owner. I see this as a win-win for any couple. For all the arrange marriage folks keep your mom as the co-owner. Thank me later! Follow Kalyan Kumar Biswal for more such fun finance #homeloans #loans #coownership #women

Keep Your Beneficiaries Up-to-Date! It's CRUCIAL to keep your beneficiary information current on your retirement and all bank accounts. Life changes like marriage, divorce, or the birth of a child mean your designated beneficiaries might need an update. Ensuring your accounts are up-to-date protects your loved ones and ensures your assets are distributed according to your wishes. Take a moment to review and update your beneficiaries today! #FinancialPlanning #ProtectYourLovedOnes Jeff Drew NMLS#41456 Motto Mortgage Pinnacle CO NMLS MB1998648 WE ARRANGE BUT DO NOT MAKE LOANS

You know the impact of credit card debt on finances, but have you thought about its effect on personal life? A survey of U.S. divorcees reveals that credit card debt can strain relationships and contribute to breakups. One in three divorced Americans cite credit card debt as a reason for separation. Post-divorce, many face increased debt. Read more: https://zurl.co/l6Hn #divorce #debts #creditcard #finances

Am I responsible for my partner’s debt?’ It’s a question most people are unsure of. Here are the answers to some of our most frequently asked questions about debt in relationships. https://lnkd.in/dAqdcKSZ #marriage #finances #CRA #debt #financialgoals #mortgage #income #liability #stress #relationship #marriageproblems #divorce #creditors #wages #debtpayments #creditrating

When your debt feels overwhelming, there are two ways to go about it. The first involves paying off the highest interest debt- no matter how big it is. This sometimes feels like too long of a payout so another option is to start with the smallest debt. Then you can add that payment into the next debt. Which will work for you? If you are overwhelmed by your finances and don't know where to start, reach out to us for a consultation. We work with our clients right where they are at. We're here to help empower you and help you feel comfortable with your money. https://lnkd.in/dskGn5E #FoundationsDivorceSolutions #BuildYourFoundations #FoundationsCoachingGroup #FinancialCoach #MoneyCoach #FoundationsCoach #LifeCoach #DivorceCoach #PostDivorceTransition #TransitionsCoach #StrengthsCoach #TheOneYearJourney #TheBasicsofDivorce #CarolinePakCDFA #BestLife #BestSelf #CertifiedDivorceFinancialAnalyst #CDFA #DivorceFinancialPlanning #FinancialPlanning #FinancialNeutral #DivorceMediaton #DivorceAssetDivision #FinancialMediation #Mediation #Divorce #DivorceEducation #DivorceFinance #MoneyTip #FinancialTip

Ensuring the #Security of Your Child’s #Inheritance Are you concerned about protecting your child’s inheritance from a future divorce or #relationship breakdown? The truth is that you are not alone – many parents share the same concern. Tough times Many young #people struggle to save a deposit to buy a home. By contrast, parents may be in better position to give their children a bequest during their lives to help their children when they need it most, typically as they are looking to purchase a property or when they are paying off a mortgage and raising their own children. Learn more ...

When not managed effectively during divorce proceedings, mortgage debt can lead to long-term financial consequences: https://bit.ly/3Dxnf0E

Make a Plan to Manage Your Money BY RICK WARREN FROM BUILDING MY LIFE ON VALUES THAT LAST “Wise people live in wealth and luxury, but stupid people spend their money as fast as they get it.” Proverbs 21:20 (GNT) As a pastor for 42 years, I spoke with many couples who struggled in their marriage and were even going through a separation. And I can tell you that the number one reason couples get a divorce isn’t adultery. It isn’t abuse. It’s debt! In a 2023 survey, more than half of the respondents believed that having a partner who is in debt is a major reason to consider divorce. It shouldn’t surprise us that debt causes so much trouble in relationships. The Bible makes it clear that it’s just plain foolishness not to manage your money wisely—and foolishness never ends well. Proverbs 21:20 says, “Wise people live in wealth and luxury, but stupid people spend their money as fast as they get it” (GNT). So often our culture convinces us to buy now and pay later. The average U.S. citizen at one time put $1,300 on their credit card for every $1,000 they made. That leads straight to debt, and God calls that foolish! Friend, no one just drifts into debt—or out of it, either. If you want to build your financial future on the commitment to be responsible, then you have to start with intentionality. After you’ve made that important commitment, you need a plan to get there. My parents taught me the 10-10-80 principle when I was a child. It’s a great way to become intentional about your financial decisions. Give 10 percent back to God. God blesses the areas of your life where you put him first. Keep 10 percent for the future. Commit to saving money every time you make money. Live on 80 percent. Only fools spend everything they get. Like it or not, God uses money to test you. He is testing your responsibility. When God looks at your financial decisions when you get to heaven, he’s going to say, “Were you responsible with what I gave you on earth?” How you answer that question will be based on the decisions you make today. Make a plan that stewards your resources wisely and gives back to God, saves for the future, and spends within your means.