Mother’s Day Mailbag: I just went through a divorce. How do I make sure we’re financial exes as well?
HerMoney with Jean Chatzky
Shownotes Transcript
In this special Mother’s Day Mailbag edition, Jean talks to mother-daughter duo Mollie and Chris about Mollie’s recent divorce. Jean addresses questions on how to make sure Mollie’s ex-husband's finances are no longer tied to hers, and we tackle how best to combine Mollie’s multiple retirement accounts.
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Takeaways:
Closing a joint bank account and starting fresh is the best option after a divorce.
Having an ex-spouse's name on a credit card does not impact the primary cardholder's credit, but it can be removed by contacting the credit card company.
Rent payments can be reported to credit bureaus through services, which can help build credit for individuals with thin credit files.
Consolidating multiple retirement accounts into one brokerage account can make it easier to manage and monitor investments.
Converting traditional retirement accounts to Roth accounts can be beneficial for long-term growth, but it's important to consider the tax implications.
Maintaining a good credit score and making solid financial decisions are key to navigating post-divorce financial challenges.
Chapters:
00:00 Introduction
03:03 Closing Joint Bank Accounts and Removing Ex-Spouse from Credit Cards
05:04 Building Credit with Rent Payments
09:03 Consolidating Retirement Accounts for Better Management
12:52 Considering Roth Conversion for Long-Term Growth
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