What are community and common property states?

What Are Community and Common Property States?

Different states view assets and debts acquired during marriage and who exactly owns that property differently. There are two different types of state, community property, and common law property. What is a Community Property State? In a community property state, all money earned, assets acquired, and debts incurred during the course of a marriage are equally owned by both husband and wife. At death, all assets go to the surviving spouse unless there is a valid will directing otherwise. A spouse or member of a couple can own separate assets and dispose of those assets as they wish. Gifts and […]

Financially Stable Couples How to Manage Marriage and Finances

Financially Stable Couples: How to Manage Marriage and Finances

Few things are as painful or frightening to a child as parents fighting. And few things are more destructive to marriages as financial troubles. According to Ramsey Solutions, the only thing that causes divorce more than money is infidelity. So, how do you resolve the issue between marriage and finance? The obvious answer is to establish financial goals and live frugally. But, sometimes, the obvious answer isn’t the cure-all. No doubt financial wellness will ease the strain on marriages, but financial wellness doesn’t guarantee happy marriages. And sometimes, the strain on your marriage goes deeper than money itself. Luckily, there […]

Top 5 causes of debt

Top 5 Causes of Debt & How To Fix Them

They say it’s smart to have between 3-6 months worth of expenses saved up in case of an emergency. To give you an idea, if your monthly expenses round up to $5,000, there should be $30,000 sitting your saving account right now. But in this age of consumerism, people are likely swimming in debt instead of in a comfortable amount of hundred dollar bills. As of May 2016, 38.1% of all households carry some sort of credit card debt and according to the most recent survey from the U.S. Federal Reserve, the average credit card debt of U.S. households is about […]

Options for debt in a marriage

Debt in a Marriage: What Are My Options?

Marriage is supposed to be a beautiful thing, but sadly, so many newlyweds don’t know each other’s finances before tying the knot. If one spouse is entering the new courtship with a newfound debt from their partner, there are probably a lot of questions that need to be answered. To help you understand debt that comes from a partner after marriage, here’s what you need to know: Is it Mine, Yours or Ours? Every state has their rules when it comes to who owns what debt. One of the first questions that newlyweds have when it comes to debt is: […]

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