“That helps frame this conversation much more inclusively and more in the context of all the things ‘we’ need to do.”“You want to ensure your separate assets remain separate and that you protect your finances from future divorces, future access to someone who’s untrustworthy, and from creditors should (your spouse) have issues with bankruptcy or lawsuits or something like that,” says Loretta Hutchinson, founder of Financial Divorce Plan LLC, and a Certified Financial Planner and certified divorce financial analyst.“You want to make sure that what you have acquired (prior to the marriage) stays separate. Whether these goals are joint financial goals or something you’d like to take on alone, it’s important to work toward a goal and set a plan to do so. They are able to start the immigration process as soon they're married, by filing USCIS Form I-130, but that only puts the foreign-born spouse on a waiting list. But these are things you have to think about you when there’s high probability for divorce.We've joined the BHM Digital family of websites and have updated our Terms of Service and Privacy Policy. Worse yet, when the wait is over and it's time to apply for a green card, the … You’re building trust and teamwork by deciding together how to handle debt that’s still on the books.”“However, you can present it in a more acceptable light perhaps by making it part of setting up a couple’s estate plan,” she notes. “It’s OK not to agree on everything, but (for) example, if you are marrying someone who doesn’t care about borrowing for a better lifestyle while you really want to own what you have before you purchase it, there’s going to be a lot of tension and conflict.”She suggests meeting with a financial counselor to help facilitate these conversations.Carla Dearing, CEO of online financial planning service SUM180, suggests asking several different questions of your soon-to-be spouse in order to get a more complete financial picture.“Any joint account you open will require a credit report being checked for both you and your spouse. “The context of a prenuptial agreement should be: How do we protect and provide for our extended families?”In this case, the prenup can ensure your estate plan isn’t changed by your surviving spouse and that your property will pass along to your children from a previous relationship rather than to your new spouse. Sign up for HerMoney today. It can even allow you to waive rights to your spouse’s life insurance or retirement in order to make your children the beneficiaries, Dearing explains.“However, if you don’t have children from previous relationships, a prenup is much less important — and probably should not be a deal-breaker,” she says.After all, aside from the powerful romantic and emotional reasons you get married, you are probably also getting married in part to reap the financial benefits of the married state — i.e., to take advantage of the economies of scale and to build wealth together. Join the judgment-free zone. A prenup may end up being limiting and counterproductive,” she says.Although your first impression of a prenup may be how unromantic it seems, it doesn’t have to be that way, Ballou says.“You and your fiancé should create a relationship with a trusted Certified Financial Planner who will help both of you pull together all the important pieces of financial life,” she says. Careers
advice and career trends - and MadameNoire provides all of that.MadameNoire ® Copyright © 2020 BossipMadameNoire, LLC All Rights Reserved | BHM Digital Several years might then go by, during which the foreign-born spouse will be accruing "unlawful presence" in the United States and could be picked up and deported at any time. One of the best ways to prevent financial responsibility for a foreign spouse is to ensure that they have applied for a removal of temporary status and granted citizenship. A divorce lawyer is a professional who is not affected by your fragile emotional state. That’s why in most cases, it’s best to set clear financial expectations from the start and take steps to protect your assets in marriage, especially if one partner comes into it with significant wealth or with children from previous relationships. black entertainment news, parenting tips and beauty secrets that are specifically for black women. Black women If you need to protect yourself financially during separation, here is our advice to you. “But be careful: Depending on where you live … should you face a divorce, you may be solely responsible for the debt owed on your home or car.”Asking your potential partner if he is carrying significant debt is another big one.“Debt can put a big strain on a marriage,” Dearing says. “(You want it to be) the strongest possible start…so when challenges arise, you have already had these conversations and don’t have to start from square one.
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