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

Jean Chatzky Her Money

Investing, Entrepreneurship, Business

4.8 • 1.3K Ratings

🗓️ 10 May 2024

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

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. Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe! 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 The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney. Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You're listening to an Airwave Media Podcast.
0:06.0	Her money is proudly sponsored by Edelman Financial Engines.
0:09.0	If you're empowered with your money, chances are you're saving and investing and planning for your
0:14.8	future, but are you budgeting the way you should be?
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0:55.0	Hey everyone, thanks for joining me today on Her Money.
1:01.0	Today we are bringing you a special mailbag featuring, well, you, featuring our
1:07.0	listeners, actually getting to meet some of you on Riverside, which is our Zoom-like platform,
1:13.4	has been so much fun.
1:16.0	Plus, what I love about these,
1:18.3	unlike our regular mailbags,
1:20.0	is that you get to be there to ask all of your follow-up questions.
1:24.4	If this sounds like something you'd like to do, if you've got a question for me and you want to have a conversation,
1:30.2	just let us know.
1:31.6	When you send your questions into mailbag at her money.com.
1:36.0	Chris who is one of our listeners wrote in about some questions that she had for her daughter who has recently gone through a
	...

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