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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

I believe it's NOT okay that we weren't taught about money growing up. And it's costing us. More than late fees, interest and penalties. It's costing us peace of mind, marriages, healthy boundaries in relationships, and ownership of our lives and living the way we want to. Here's an example of what I mean. Money is listed as a top reason people get divorced. It was a BIG reason my husband and I got divorced in 2016! We were broke AF. We had a TON of stress and tension in our relationship. We argued constantly because we wanted different outcomes (one of us is a saver and the other a spender), OR did what we wanted without talking to the other (hello, shopping or buying an XBox!) Our way wasn't working because we lived as roommates, and not husband and wife who are joined together. And it cost us. Because we didn't know how to manage money, stay the heck out of debt or have an intentional savings plan, we: -Had a stupid car loan that cost MORE than my part time job with a $600/month payment AND $100/month to a loan shark for the down payment (I HAD to get a safe, reliable, fuel efficient car to get me to this job!) -Paid over $3,000 of overdraft fees in one year by August in 2011 -Had our marriage suffer because we didn't know how to talk about money without it turning into a fight, costing us our marriage later on Here's a truth bomb out of love: Not having your money under control and knowing how to manage it is costing you. But you CAN do something about it. Here's how we went from divorced, broke AF and panicked about making ends meet, to having our marriage restored, living debt free, and working together where money is a conversation and not a fight. We: -Wanted to handle money God's way and work TOGETHER, because our way didn't work. God's way does! -Joined our bank accounts and started to create a mission for our money, aka, a budget, so we could have the power of combined income ignite our goals -Made a plan to pay off debt so we could keep our income and build our savings -Realized we both had money trauma, and decided to own our 💩  and heal, so that we could work together and not get triggered. Here's the beautiful thing: No matter where you're at in your finances, you can take baby steps to ignite stability and change your money story. You CAN to go from stressed and anxious about finances, to feeling confident and clear on where your money is going. Now, after learning how to manage our money and work together to execute our money roadmap, we: -Don't pay penalties, interest or late fees which means money in the bank -Have healthy mindsets around money that stopped the panic attacks and arguing - Have peace and stability in our marriage because we work together on the finances and put God first What are your thoughts on how not being taught how to manage money growing up is costing us? Let me know in the comments, or send me a DM. I'd love to know what you think!

Debt and Divorce The starting point for divorce negotiations is to divide debt 50/50. This doesn't include debt racked up because of an addiction, gambling disorder or fancy dinners with a paramour. So, the presumption that debt is joint can be questioned, depending on what the debt arose from. Lost a week’s pay gambling? That's yours. Dental bills and groceries? You’re sharing. Generally, mortgages stay with the house. A spouse gets the house, they also get the mortgage. If the couple sells the house, most often they pay off the mortgage, then split the remaining proceeds of the sale equally. Responsibility for debt: Technically, credit cards are held by one person. Even if you're a cardholder on the account, the bills are only in your name and you're the one the credit card company will go after. However, if you're getting divorced, then the courts have the authority to distribute the responsibility as they see fit. To protect yourself, you and your partner can enter into a prenuptial or postnuptial agreement to clarify the debt in your name is yours and their name is theirs. You can say in a prenup that you'll divide debt accrued during the marriage proportionally based on your incomes. If one partner earned $100k and the other earned $50k, the debt would be divided 2/3 – 1/3. The number one thing I recommend, is to know what’s going on in your household. Look at the monthly statement, circle everything you expect your partner or ex partner to chip in for and send it to them. If credit card debt starts accruing, it’s hard to get out from under it, because the interest they charge is so high. You might have a chance to change it, restructure it – move it to 0% interest offers to keep interest charges from piling up. Find a debt restructuring company, which will negotiate with your creditors, lower the balance owed and put you on a payment plan. If you have retirement assets, maybe you can take a loan against them to pay off credit card debt. Those loans are great, you pay interest to yourself. You can nip it in the bud but only if you know about it. Some of the worst debt divorce stories I've seen were where one partner accumulated debt that the other didn't know about. Nothing like thinking, “great we’re selling our house for $1,300,000,” only to discover your share will be $200,000 because you only learned about the debt at closing. You can also protect yourself with a postnuptial agreement. I worked with a couple whose only area of conflict was money and they were debating whether to stay married. We negotiated the terms of a postnuptial agreement in which they agreed that any debt would belong to the person whose name was on the debt and would belong solely to that spouse. Even if you’re already married, you can negotiate who will own what. Just be sure to put it in writing.

If you're a high earner, you may be interested in partnering with someone with similar education, income, and goals. Becoming a financial "power couple" can help you both achieve your goals sooner. Because money disputes are one of the leading causes of divorce, finding someone with whom you're financially compatible can smooth the path of your relationship. Click below to learn more. https://hubs.la/Q02DFtsn0

The news that you will be receiving an inheritance is often bittersweet because it means that somebody close to you has passed away. But you might also have mixed emotions about your inheritance for reasons that have to do with the actual accounts or property you are inheriting. Accepting an inheritance is a free and voluntary act that is also affected by personal circumstances. If you were informed that you have an inheritance coming your way, you will have to decide whether to receive or reject it. Here are some factors that may impact your decision: Outstanding debt: Your inheritance could include a big ticket item, such as a house, car, or RV, that carries outstanding debt. As the inheritor, you may be responsible for servicing the loan or mortgage and will have to figure out if you can afford to pay it off or refinance and continue making the payments. You could always sell the item, but if more than one heir inherits a home, that would have to be a group decision. Also, keep in mind that real estate and other valuable property will need to be insured, at added cost to you. Oversized items: You could inherit a car, truck, RV, or other large item or collection that comes with no debt obligations but poses a storage problem. This is particularly true if you do not have your own home or if you live in an apartment or condo with limited space. Paying for additional storage is an option, but if you do not really want the item in the first place, storing it may not be worth the cost.  Logistics: Taking possession of an item might sound good in theory but turn out to be a logistical nightmare. You might have to travel a long distance and pay for a trailer to haul it. Shipping may be an option, but who will pay for the transport? The money could come out of the estate or out of your own pocket. Personal considerations: Perhaps you just do not want to take possession of an item that somebody left to you in their will. You may also realize that somebody else in the family really does want it and would feel hurt if you got it instead. Inheritances can produce hurt feelings and irritate existing tensions. To squelch conflicts before they get out of hand and lead to legal disputes, consider taking the high road. Another thing to keep in mind is that if you refuse an inheritance, you will have no say in who receives it. If the will does not name a backup (contingent) beneficiary, it will pass back to the estate and on to the next beneficiary according to state law. To make sure that a specific person receives what you are rejecting, you have the option to accept it and then gift it to them. However, giving a gift comes with possible tax implications. Working with a trusted advisory team can help you assess your finances, preserve your wealth, plan for the future, and establish an estate plan of your own. For wealth and estate planning advice, reach out to our office to schedule an appointment. You can reach us at (612) 888-1000. 

Liberate women from debts, not men. Wives subsidy (the banks and the government valuing domestic labor) peg on half of husbands' incomes, and stipend for having kids. Once we go full automation, the government are forced to implement UBI (Universal Basic Incomes). What happens to any species (human) that stop reproducing or procreating? Extinction is inevitable? Matter of time? Can you imagine if Eve refuses to give birth and Adam can not spread his seeds? Will mankind ever exist? Children are our future? No children, no future? When Baby Boomers all die out, who will upkeep or maintain the infrastructure? Who will pay into Social Security? Who will join the militaries? The banks and the government enslaving men and women causing them to be destitute and expect them to reproduce or procreate? Is it not ironic? Imposing debt slaves with more debts mean debt slaves have no more credits or disposable income to spend? The banks and the government should not liberate (emancipate) women from men but liberate them from debts by providing wives subsidy peg on half of their husband's incomes and stipend for having kids. Wives can live the carefree life, have leisure time, stop incurring more debts, and have disposable incomes to pay down household debts, save, invest, or spend. Meta AI response: An intriguing proposal! You suggest that instead of focusing on emancipation from men, the emphasis should be on liberating women from debt through: 1. Wife subsidy: Pegging half of the husband's income to support the wife. 2. Stipend for having kids: Providing additional financial support for childcare. This approach aims to: 1. Reduce women's financial stress and debt burden. 2. Allow for leisure time and a carefree life. 3. Increase disposable income for debt repayment, saving, investing, or spending. By providing economic support, you argue that women can: 1. Break free from debt cycles. 2. Contribute to household financial stability. 3. Enjoy greater financial autonomy and security. How can you have freedom if you are in debt bondage? How can you have power if you are subjugated by the banks and the government? ....... Regardless of who is the president, he or she will continue deficit spending. The lenders have the power, not the debtors. Our government is the biggest debtor in the world and in history? The government is broke, but we have the delusion that we are wealthy? The reality will lift the veil of illusion? Demographic collapse is inevitable, just like Japan. Immigration and automation are Band-Aid solutions. Proverbs 22:7 The rich rule over the poor, and the borrower is the slave of the lender. Debt The lender has power over the borrower, similar to a master over a slave. The borrower may have to do whatever the lender demands, and lose some of their own options.

The news that you will be receiving an inheritance is often bittersweet because it means that somebody close to you has passed away. But you might also have mixed emotions about your inheritance for reasons that have to do with the actual accounts or property you are inheriting. Accepting an inheritance is a free and voluntary act that is also affected by personal circumstances. If you were informed that you have an inheritance coming your way, you will have to decide whether to receive or reject it. Here are some factors that may impact your decision: Outstanding debt: Your inheritance could include a big ticket item, such as a house, car, or RV, that carries outstanding debt. As the inheritor, you may be responsible for servicing the loan or mortgage and will have to figure out if you can afford to pay it off or refinance and continue making the payments. You could always sell the item, but if more than one heir inherits a home, that would have to be a group decision. Also, keep in mind that real estate and other valuable property will need to be insured, at added cost to you. Oversized items: You could inherit a car, truck, RV, or other large item or collection that comes with no debt obligations but poses a storage problem. This is particularly true if you do not have your own home or if you live in an apartment or condo with limited space. Paying for additional storage is an option, but if you do not really want the item in the first place, storing it may not be worth the cost.  Logistics: Taking possession of an item might sound good in theory but turn out to be a logistical nightmare. You might have to travel a long distance and pay for a trailer to haul it. Shipping may be an option, but who will pay for the transport? The money could come out of the estate or out of your own pocket. Personal considerations: Perhaps you just do not want to take possession of an item that somebody left to you in their will. You may also realize that somebody else in the family really does want it and would feel hurt if you got it instead. Inheritances can produce hurt feelings and irritate existing tensions. To squelch conflicts before they get out of hand and lead to legal disputes, consider taking the high road. Whichever path you choose—acceptance or refusal—be prepared to file documents stating your intentions. Another thing to keep in mind is that if you refuse an inheritance, you will have no say in who receives it. If the will does not name a backup (contingent) beneficiary, it will pass back to the estate and on to the next beneficiary according to state law. Working with a trusted advisory team can help you assess your finances, preserve your wealth, plan for the future, and establish an estate plan of your own. For wealth and estate planning advice, reach out to our office at (406) 727-2200.

3 Essential Financial Check-ins for Newly Engaged Couples. To start your marriage off on the right foot, discuss these topics with your partner before you walk down the aisle. https://lnkd.in/gS4b5-bv Barron's, Jeffrey Condren: https://lnkd.in/geNgu3N7 #investing #stocks #bonds #cfp #financialplanning #planner #volatility #fiduciary #debt #wealth #education #educationplanning #college #savings #budget #bullmarket #bearmarket #millennial #hsa #healthsavings #estate #estateplanning

Financial responsibilities are often part of a relationship or marriage, from paying bills to purchasing property. But what happens if your spouse or partner incurs debt during the relationship? Are you also responsible for that debt? And what happens to the debt if your relationship ends? We share everything you need to know about handling debt in a marriage or de facto relationship in our blog post - click the link below. #PullosLawyers #MarriageLaw

#DivorceRecovery #DebtHelp #FinancialFreedom Hey there! 🌟 It sounds like you're navigating a pretty tough situation with your divorce and the stress of debt hanging over you. Let's break this down together! I see you have a mix of credit card debt and a camper loan, and it's totally understandable that emotions can play a big role in financial decisions, especially when love and happiness are involved. Here’s a quick rundown of what you shared: Your Debt: Credit Card 1: $7,189.45 Credit Card 2: $6,690.48 Personal Loan: $3,080.77 Camper Loan: $18,534.05 Assets: Cash on hand: $10,364.71 Equity in home: $131,425 First off, it's important to recognize that wanting to find happiness often leads us to make choices that aren’t always the best financially. It’s a journey, and you're certainly not alone. 💔 Here’s what you could consider: Pay Off Small Debts First: Using your cash to eliminate one credit card and the personal loan could give you a small win and some breathing room. ... How Can I Overcome Divorce Debt and Rebuild My Finances? Answers: https://lnkd.in/gc25VnDV