Your estate plan sometimes needs to be updated to reflect your current circumstances, and divorce means big changes. That likely means updating your will and other estate planning documents. Estate planning is commonly perceived as being only about finances. While...
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Updates you need to make to your estate plan after divorce
On Behalf of Burbank & Collins, P.S.C. | Feb 14, 2022 | Divorce Financial Planning
When you fall in love and marry, one of the things you need to do is update your estate plan to reflect your marital status. Some of the updates you may want to make on your estate plan include naming your new spouse as a beneficiary and giving them the power to make...
How does divorce affect your estate plans
On Behalf of Burbank & Collins, P.S.C. | Oct 12, 2021 | Divorce Financial Planning
A divorce decree settles the financial and legal matters between you and your ex-spouse. However, it does not change the estate plans you had made during the marriage, and it might not be in your best interests. You had probably included your former spouse among the...
Can money lead to divorce?
On Behalf of Burbank & Collins, P.S.C. | Sep 10, 2021 | Divorce Financial Planning
People attribute special powers to money. They claim it corrupts people, starts wars and causes divorce. Yet, money is nothing more than bits of paper and pieces of metal. The real problem lies in people’s attitudes to money and, in the case of a marriage, how they...
What happens to your mortgage in a divorce?
On Behalf of Burbank & Collins, P.S.C. | Sep 8, 2021 | Divorce Financial Planning
If your house has an outstanding mortgage you need to take extra care in a divorce. When you own a property outright, it becomes one more asset to divide. Yet, if there is still money to pay, the property is technically not yours, but the bank’s and they will get...
Can you celebrate your divorce using the joint credit card?
On Behalf of Burbank & Collins, P.S.C. | Sep 3, 2021 | Divorce Financial Planning
If your marriage has turned sour, you might think about how to get your own life back in the divorce. Throwing a lavish party and putting it on the joint credit card would be a great way to blow off steam and annoy your spouse in the process. Yet, like any other such...
3 ways to fund your retirement as you go through a divorce
On Behalf of Burbank & Collins, P.S.C. | Aug 30, 2021 | Divorce Financial Planning
Retirement is something most working adults look forward to enjoying. No matter how much you love your career, the demands of a job take away from your enjoyment of daily life and your closest relationships. The higher your standard of living, the greater the...
Will divorce affect your credit rating?
On Behalf of Burbank & Collins, P.S.C. | Aug 19, 2021 | Divorce Financial Planning
Having spent years building up a good credit rating, the prospect of losing it during divorce can be a worry. Yet, with the proper precautions, it need not be. Credit companies will not punish you for ending your marriage. There is no automatic downgrading of your...
Protecting the inheritance for your kids after you divorce
On Behalf of Burbank & Collins, P.S.C. | Aug 4, 2021 | Divorce Financial Planning
Children often suffer the secondary consequences of a parental divorce. They may have to accept a reduction in their standard of living and learn to deal with the intense stress of alternating between parental homes. As a loving parent, you want to make divorce as...
Are you financially prepared for divorce?
On Behalf of Burbank & Collins, P.S.C. | Sep 7, 2020 | Divorce Financial Planning
Even if you have lived comfortably throughout your marriage, you may be facing a very different future if you are heading toward divorce. Whether you are relieved to be getting out of the marriage or blindsided by your spouse's desire to divorce, it is important that...
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