There are several hidden costs to getting a divorce. Take some time to select the right divorce attorney you may want to interview several before deciding. This process is generally less expensive and can be done without going to court. With a collaborative divorce, all parties agree to work together in good faith to determine solutions that best meet the needs of the two parties. Separation and Divorce: The Processĭivorcing couples may consider a "collaborative divorce," a new and highly effective divorce method where each party uses an attorney who has gone through specialized "collaborative law" training. Call or email Balance advisors if you need help creating a new budget, understanding your credit report, setting up debt management plan, and much more. The Balance Program 2 provides Redstone Federal Credit Union members a comprehensive financial education and counseling service. Plan ahead and save your finances and your sanity. Redstone Brokerage Services offers a free, confidential and no obligation consultation to all Redstone Federal Credit Union® members. For example, women’s household income, on average, fell by 41 percent with divorce, almost twice the size of the decline that men experienced, according to the GAO report. Moreover, divorce and widowhood had more pronounced effects for women than for men. Meanwhile, a divorce can wipe out 50 percent of a person’s assets, says Ken Moraif, founder and senior advisor of Dallas-based financial firm Money Matters, in an article for US News Money.įor women approaching or in retirement, becoming divorced, widowed, or unemployed had detrimental effects on their income security, according to a 2012 Government Accountability Office (GAO) report on retirement security. An average bear market lasts 15 months and results in a 32 percent loss in investments, according to investment experts. The financial effects of divorce could be worse than any downturn in the economy. Store important electronic documents online with My Virtual Strongbox, available through Online Banking.
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Close all joint accounts, credit cards should be paid in full and shut down.Here are some basic steps to take now if a divorce is imminent, according to financial experts: While navigating through this transition with your family, don’t neglect your financial life. We appreciate your understanding and patience during this transition and assure you that we are committed to continuously improving our services to better meet your financial needs.The end of a marriage is the beginning of an entirely new set of financial circumstances. This network offers tens of thousands of surcharge-free ATMs across the country. Chicago Patrolmen’s members will continue to have expanded ATM access via the CO-OP ATM Network.However, Chicago Patrolmen’s members using these machines will incur a transaction fee. The affected ATMs will stay in their current Chicago Police Department locations.The full-service, surcharge-free ATMs located at our four Branches are still owned by the Credit Union and will remain available to our members 24/7.After careful consideration and in response to evolving member preferences and technological advancements, we have made the decision to sell the majority of our Automated Teller Machine (ATM) fleet, effective on or about July 3, 2023.Īs technology continues to shape the way we conduct business, we have observed a significant shift in member behavior towards digital banking channels.Īlthough we understand that taking this step may raise questions or concerns, we remain committed to providing you with exceptional service.
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