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Can Tom Cruise Teach Us About Divorce?

We all know divorce can be a costly process no matter where you are financially in your life.   With the recent break up of Tom Cruise and Katie Holmes, there is another Paparazzi story brewing on how much it will cost Mr. Mission Impossible to make this divorce possible.   Famous comedian and movie star Robin Williams once said, “I believe the word divorce comes from the Latin for a man having his genitals ripped out from his wallet.” (source: telegraph.co.uk)    So what smart money moves can we learn from the third divorce Tom Cruise is going through with Katie Holmes?  Well, here are four financial ideas to potentially help you if you have to go through separating your assets in a divorce? Try To Minimize Legal Fees – Going through a divorce will be hard enough on you emotionally.   If you and your ex can maintain a reasonably amicable relationship, you could save more than 50% of your legal costs ...

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Smart Financial Moves After A Divorce

Divorce is one of those life events that may be one of the most difficult transitions any person has to make.  Some of the divorces end up amicably, while others end up with such irreconcilable differences that the two parties never speak again.   While lawyers usually end up in the middle of the finances when a couple gets divorced, here are five things I would recommend you consider reviewing after a divorce. 1. Check Your Credit Report–  When people are married, it isn’t always discussed on who is the owner of a particular credit card or loan obligation.  Reviewing all of your credit cards and loan obligations to make sure you are not joint on any of those items after the divorce, and ensuring your credit report is in good standing is an important step to take. 2. Review Your Beneficiary Designations–  Remember that items such as your 401(k), IRA’s, and insurance policies have a named beneficiary.  Despite what your ...

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