Minding Your Money 360 - Quick tips to manage your money for success

Today on the minute – Grounds for Getting a Divorce

But first, I want to take a moment and invite you to check out a copy of my ebook – How to Get Divorced Without Losing Your Blouse: 101 Things You Should Know. It’s written in Q&A format so it’s an easy read...

Today on the minute – Grounds for Getting a Divorce

But first, I want to take a moment and invite you to check out a copy of my ebook – How to Get Divorced Without Losing Your Blouse: 101 Things You Should Know. It’s written in Q&A format so it’s an easy read and today I’m answering one of the top questions from the book.

What are the Grounds for Getting a Divorce? You may have noticed recently that Brad and Angelina announced that they were getting a divorce and they cited irreconcilable differences. This is a form of no-fault divorce where you don’t have to actually prove that the other party did something wrong or was at fault, such as committing adultery. Most states do have a no-fault provision and to use no-fault as grounds for divorce, one spouse must simply state that the marriage is not salvageable.

At the opposite end of the spectrum is a fault-based divorce. In a fault-based divorce one spouse assigns blame to the other for the failure of the marriage because of some type of marital misconduct. Common reasons for fault-based divorces include adultery, physical or mental cruelty, desertion, and alcohol or drug abuse.

So if you can file no-fault why might you want to file for a fault-based divorce? There are some instances where more assets and/or alimony have been awarded to the innocent spouse, and it may be helpful in some custody cases. However, this is not always the case. The downside to fault-based divorce cases is that they tend to be more costly and take longer to settle. So, before you file a fault-based divorce case, try to find out if there is any advantage in your specific situation. Speak with an attorney, or do some research in your area to determine the outcome of similar cases.

And that’s the minute for today. I love helping people with all aspects of their financial lives. If you have a question, send it to me at [email protected].

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Today on the Minute – Surviving Divorce With Your Shirt or Blouse in Tact

Divorce is all too common in America. In fact, about 50% of all first marriages end in divorce and the failure statistics are even higher for second and third marriages. And, for many this is seen as more of...

Today on the Minute – Surviving Divorce With Your Shirt or Blouse in Tact

Divorce is all too common in America. In fact, about 50% of all first marriages end in divorce and the failure statistics are even higher for second and third marriages. And, for many this is seen as more of emotional event rather than the financial or business transaction that it really is and forgetting this can cause you to literally lose your blouse or shirt and the future can be tough.

Take the case of Jennifer. She got the $300,000 family home in her divorce settlement while her husband got the other assets – mostly investments. The house had a $1,900 house payment and a $200,000 mortgage. After a few months Jennifer had to put the house up for sale because she couldn’t keep up the payments. Unfortunately, the real estate market in her area tanked at about that time and she had to keep lowering the price. The house finally sold at $230,000 – leaving her just enough money to pay off the mortgage and the closing costs. She totally lost the $100,000 of equity she had while her ex still had the $100,000 of investments which have continued to grow.

So what’s the answer? The answer is to realize that divorce is a business event and it should be treated as such which means setting your emotions aside and getting help in the areas you don’t fully understand. While it’s important to get outside help – something as simple as a budget based on her after-divorce income could have helped Jennifer understand from the start that she couldn’t afford the house and that taking it house was not the best option for her.

And, that’s the minute for today. Want more info about divorce? Check out my ebook – How to Get Divorced Without Losing Your Blouse: 101 Things You Should Know. Visit www.mindingyourmoneyminute.com and click on the shop now button to get your copy.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Word of the Week: Financial Advisor

Getting Financial Advice When Taking Care of Aging Parents

It’s Friday and time for the Word of the Week! Our word this week is Financial Advisor.

I chose financial advisor because all this week we’ve been talking about times to consider getting financial advice. So if you do decide to get advice, where or who should you get it from? Well, there are lots...

It’s Friday and time for the Word of the Week! Our word this week is Financial Advisor.

I chose financial advisor because all this week we’ve been talking about times to consider getting financial advice. So if you do decide to get advice, where or who should you get it from? Well, there are lots of different people out there who call themselves financial advisors but all advisors are created equal. In fact, some may have just started in the business with very little training, some might be insurance sales people whose major aim is to sell you insurance and some just might be brokers who don’t really give financial advice beyond investments. So, it will be up to you to do your due diligence to be sure you choose the right person because who gives you advice is very important – your future could depend on it.

So in doing your due diligence, here are three things to check for:

Is giving advice and advanced planning a part of their practice? Many brokers and others will give you a basic plan but the main emphasis is to implement the plan with investments not ongoing advice. If it’s truly advice that you want or need, look for a fee only planner or money coach.

Ask about the types of client’s they work with, any specialties and get referrals. Then actually call the referrals to find out what they liked and didn’t like about the advisor.

Ask how they get paid and their fees. Be sure you know exactly what you are getting yourself into moneywise before you make a commitment.

Our word of the week: financial advisor – finding the right person can fast track your path to financial freedom or security. And, that’s the minute for today. Want more on how to choose a financial advisor or times to consider using one? Visit www.mindingyourmoneyminute.com and click on the shop now button.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Getting financial advice when you have a windfall

Today on the Minute – Getting Financial Advice When Taking Care of Aging Parents

But first, I want to give a shout out to Debbie on Twitter who reminded me that divorce is another time when it’s a good idea to get financial advice. My caveat here is that if you and your soon to be ex...

Today on the Minute – Getting Financial Advice When Taking Care of Aging Parents

But first, I want to give a shout out to Debbie on Twitter who reminded me that divorce is another time when it’s a good idea to get financial advice. My caveat here is that if you and your soon to be ex have the same financial advisor, that’s probably not the best person to use. Instead, look for a neutral third party to help you. And, that’s a great segway because on Monday we’re going to talk more about divorce so send in your questions or comments if you’ve been through it, contemplating it or in the middle of it.

Now back to Getting Financial Advice When Taking Care of Aging Parents. There are so many issues that arise when taking care of your own finances and when add on someone else’s even relatives it can quickly get out of hand and you can find yourself going down with the ship. This is really one of those times when you do need to put the mask on yourself first and then help others because you can’t help someone else if you are under water. One of the new services that we are offering is daily money management for instances just like this. Thanks to technology, we can work with families all over the US. Some things that you want to know specifically include, how stable they are financially, the types of insurances they have and the benefits they are eligible for as well as estate planning issues.

Remember, although it sometimes feels like you are out there all by yourself, you don’t have to do it all on your own – when you need help, get it – there’s no shame in that and it could save you a ton of time and money in the interim. And, that’s the minute for today.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Getting financial advice when life events occur

Today on the minute – Getting Financial Advice When You Have a Windfall.

While many people associate a windfall with winning the lottery or an inheritance from a relative – windfalls can come in a lot more ways. They may be casino winnings or even a refund from Uncle Sam.

Today on the minute – Getting Financial Advice When You Have a Windfall.

While many people associate a windfall with winning the lottery or an inheritance from a relative – windfalls can come in a lot more ways. They may be casino winnings or even a refund from Uncle Sam. In either case, they are all windfalls. But the one I want to focus on specifically are refunds from Uncle Sam and the first thing to understand here is that in most cases it is a return of your money – money that has been collected from your over the past year.

Now, that we’ve gotten all of our cards on the table, let’s talk about how a financial advisor can help. During tax season, it’s not unusual for me to prepare returns for people who get back thousands of dollars – that’s a windfall and the question becomes what should you do with it? Some people use it like a savings account so they can take a vacation, make a large purchase or just splurge. While others decide to use it to pay off some bills or other debts. So which should you do? Or should you consider adjusting your withholding so you can get more money in each paycheck and a smaller refund? The answer is – it depends. It depends on your goals and your long range plans and your ability to manage more money if you suddenly had it each month.

Managing windfalls can be tricky because since you didn’t earn it – it doesn’t always have the same value as money you work for so it doesn’t seem as important. But it’s money and all money spends the same. Don’t get caught in this trap. If you can’t figure out the best thing to do – get help.

And, that’s the minute for today. All this week, I’ve been talking about instances when you should consider seeing a financial advisor and I have prepared an expanded checklist that not only includes the times to consider using a financial advisor but also how to choose an advisor and questions to ask before you hire one. To get your copy go to www.psworth.com/shop.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

When should you seek professional financial advice?