Monday, February 23, 2009

Be A Happy Divorced Couple

I have always provided my readers with excellent suggestions related to money before marriage, after marriage, but this time I am presenting something very unusual in front of you. Some money tips for couples those are divorced or going to be divorced sooner or later. All the assets and liabilities is divided among the two of you, still you can achieve all your financial goals.

But before I start off with my lectures let me quote Britney Spears on her views on Divorce. She quoted, "divorce is really a great feeling that each and every women on this earth should experience at least once". She is really a true divorcee.

As per the recent survey it has been found out that at least more than one million people file a case against their partners for a divorce. And out of this one million people, 75% of couples fight in court due to extra debt that both have achieved during marriage period. Debt has always been the primary factor for a divorce, as proved by surveys by American Happy Couple Society.

Ok now let me start some amazing money making tips for the divorced couples that I have read in a book called, "Happy Divorced Couples" by Charles Peters.

1.) Divide all the assets and liabilities equally: The foremost thing you should do after a divorce that is to find your credit report records as well as your credit scores. Try to judge how will you allocate your assets and liabilities equally.

2.) Take a proper care of your mortgage payments: If you own a home, then make sure you do a proper planning in terms of your monthly mortgage payments. It is entirely both of you's decision what will you do with the home. Either sell it or divide the shares of the home equally among yourself.

3.) Pay off your debts: Prepare a budget after the divorcing formalities are over, try to pay off all the debts as soon as possible. Pay off all the pending bills as well as secured and unsecured loans. Many debts have huge interest rate. Just pay them off.

4.) Keep a watch on your ex: I don't mean this in the sense he or she is having any affair or not. That is obviously not your business. Your business is to keep a track on whether your ex-spouse is making his or her own payment or not. This will help you to gain a secured financial future.

5.) Take a proper care of Joint Accounts: This is something very risky. It is quite possible that your ex-spouse is still enjoying the benefits of joint accounts. So the best advise is to close all the joint accounts as soon as possible especially the credit cards or any other household cards.

6.) Hire a tax expert: In order to keep a track of your tax related issues and payments hire a tax analyst. He is the best person to advise you on tax planning for divorced couples.

7.) Make a saving account: If any shares or debentures is left after the allocation of assets and liabilities then use them as your saving account. This will help you in times of emergencies.

8.) Be a part of good debt help company: Don't fall into the trap of any dishonest company, choose the company after a careful study of the company profile. They will definitely help in achieving a sound financial future.

As I have always congratulated my readers for their marriage this time I am congratulating all the divorced couples. The reason is in some way or the other at least they are very happy with the divorce.

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