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© 2015 Regents of the University of Minnesota. All rights reserved. Parents Forever CREDIT ISSUES DURING FAMILY TRANSITION JENNIFER GARBOW & SHARON POWELL.

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Presentation on theme: "© 2015 Regents of the University of Minnesota. All rights reserved. Parents Forever CREDIT ISSUES DURING FAMILY TRANSITION JENNIFER GARBOW & SHARON POWELL."— Presentation transcript:

1 © 2015 Regents of the University of Minnesota. All rights reserved. Parents Forever CREDIT ISSUES DURING FAMILY TRANSITION JENNIFER GARBOW & SHARON POWELL UNIVERSITY OF MINNESOTA EXTENSION FAMILY RESILIENCY, EXTENSION EDUCATORS

2 © 2015 Regents of the University of Minnesota. All rights reserved. OBJECTIVES:  Objective 1: Protecting and maintaining your credit through family transition  Objective 2: Understanding the implications of overusing credit  Objective 3: Exploring division of debt

3 © 2015 Regents of the University of Minnesota. All rights reserved. POLL  How comfortable are you teaching issues around credit to parents?

4 © 2015 Regents of the University of Minnesota. All rights reserved. Objective 1: PROTECTING & MAINTAINING YOUR CREDIT THROUGH A FAMILY TRANSITION

5 © 2015 Regents of the University of Minnesota. All rights reserved. The University of Minnesota is an equal opportunity educator and employer. This PowerPoint is available in alternative formats upon request. Direct requests to 612-626-6602. Create a post-transition money management plan Identify all sources of income First expenses should be mortgage or rent

6 © 2015 Regents of the University of Minnesota. All rights reserved. The University of Minnesota is an equal opportunity educator and employer. This PowerPoint is available in alternative formats upon request. Direct requests to 612-626-6602. Inventory all debt & credit lines request a free credit report make note of individual & joint accounts

7 © 2015 Regents of the University of Minnesota. All rights reserved. Remove each other as authorized users THIS IS A SIMPLE AND IMPORTANT TASK FOR CREDIT CARDS

8 © 2015 Regents of the University of Minnesota. All rights reserved. Separate Joint Accounts IF YOU CANNOT SEPARATE, IT’S IMPORTANT TO MANAGE SHARED ACCOUNTS CAREFULLY FOR LOANS WILL HAVE TO GO THROUGH THE LENDER

9 © 2015 Regents of the University of Minnesota. All rights reserved. Monitor Your Credit STAGGER PULLING CREDIT REPORTS EVERY 4 MONTHS ANNUALCREDITREPORT.COM

10 © 2015 Regents of the University of Minnesota. All rights reserved. Objective 2: UNDERSTANDING THE IMPLICATIONS OF OVERUSING CREDIT

11 © 2015 Regents of the University of Minnesota. All rights reserved. FINANCES & EMOTIONS  Can negatively impact both parents

12 © 2015 Regents of the University of Minnesota. All rights reserved. FINANCES & EMOTIONS  Impulsive decisions

13 © 2015 Regents of the University of Minnesota. All rights reserved. FINANCES & EMOTIONS  Using credit to get through

14 © 2015 Regents of the University of Minnesota. All rights reserved. More expenses during transition ATTORNEY FEES RELOCATION EXPENSES CAN YOU THINK OF OTHER ADDITIONAL COSTS DURING THE TRANSITION TIME?

15 © 2015 Regents of the University of Minnesota. All rights reserved. Objective 3: EXPLORING DIVISION OF DEBT

16 © 2015 Regents of the University of Minnesota. All rights reserved. Secured & Unsecured Debt SECURED DEBT IS BOUND BY THE TERMS OF THE CONTRACT, IF BOTH PARENTS NAMES ARE ON IT THEN BOTH ARE RESPONSIBLE

17 © 2015 Regents of the University of Minnesota. All rights reserved. Unsecured Debt DEBT IS IN GENERAL PROPORTION TO A PARENTS ABILITY TO PAY

18 © 2015 Regents of the University of Minnesota. All rights reserved. Understand your Divorce Decree DIVISION OF PROPERTY SPOUSAL SUPPORT CHILD CUSTODY FINANCIAL OBLIGATIONS OF EACH PARENT

19 © 2015 Regents of the University of Minnesota. All rights reserved. What if a parent is not fulfilling their financial obligations? IF IT’S A JOINT ACCOUNT THE OTHER PARENT IS EQUALLY RESPONSIBLE, REGARDLESS OF THE DIVORCE DECREE

20 © 2015 Regents of the University of Minnesota. All rights reserved. Establishing your own credit & financial identity USE INDIVIDUAL CREDIT PAY ON TIME PAY OFF BALANCES MONTHLY SLOWLY BUILD

21 © 2015 Regents of the University of Minnesota. All rights reserved. The University of Minnesota is an equal opportunity educator and employer. This PowerPoint is available in alternative formats upon request. Direct requests to 612-626-6602. Questions??? Thank you!

22 © 2015 Regents of the University of Minnesota. All rights reserved. The University of Minnesota is an equal opportunity educator and employer. This PowerPoint is available in alternative formats upon request. Direct requests to 612-626-6602. Poll How comfortable are you now teaching financial concepts to parents?

23 © 2015 Regents of the University of Minnesota. All rights reserved. RESOURCES & REFERENCES  www.DivorceSupport.com  www.Credit.com  MN Attorney General’s Office: For basic money & credit information: www.ag.state.mn.us  www.BankRate.com  Request a free credit report at: www.AnnualCreditReport.com  www.Creditkarma.com www.Creditkarma.com  LawHelpMN.org: offers court forms, fact sheets, and other resources on a wide range of legal issues  www.mnlegaladvice.org: MN Legal Advice Online is a new FREE way to get legal advice online if you can’t afford a lawyer. www.mnlegaladvice.org

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