SavvySugar

Texas Offering Cash Incentive For Pre-Marriage Counseling

SavvySugar — Tue, 02 Sep 2008 04:00:27 -0700

Texas lawmakers can't stop couples from walking down the aisle, but they can make it more expensive to be named husband and wife. There's a high divorce rate in Texas and lawmakers think that number will go down if couples undergo pre-marriage counseling. A new federally funded program called Twogether in Texas is based on the hope that couples would rather sit through counseling sessions than pay extra for their marriage licenses.

Beginning this month, licenses that used to cost $41 will now cost $71. If couples participate in the Twogether in Texas program and take an approved eight-hour class, the state charges only $11 for the license. Do you think paying $60 less is worth eight hours of free counseling?

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Could You Put a Price on a Fresh Start?

SavvySugar — Mon, 30 Jun 2008 08:03:01 -0700

Some people get a new look after a big breakup and others take more drastic measures like placing their lives on the market for a fresh start. The winning eBay bid for the newly divorced Australian man's life was $383,000; it wasn't as high as he'd hoped, but he's still looking forward to unloading all of his belongings including his home, car, motorbike, and jet ski. The sale also included a two-week opportunity to try out his job to see if it's a fit.

Using your imagination, of course, how much would you hope to score for your life should you take such extreme measures to get a clean slate?

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Prenups Are Legally Binding, But Not Everywhere

SavvySugar — Fri, 13 Jun 2008 12:37:19 -0700

Charlotte's first Sex and the City husband, Trey McDougall, comes from Scottish blood, but he'd probably be a proponent of the UK Law Commission's discussion to make prenuptial agreements legally binding.

Americans are no strangers to the legal contracts that outline the division of assets in case of divorce, while couples in the UK haven't been operating under the same options. Remember when Paul McCartney paid Heather Mills a settlement of $48.6 million as the result of an intense divorce proceeding? The exhausting process and enormous payout could have been avoided if English courts recognized prenups.

Opponents of legally binding prenups are concerned about a higher divorce rate, but proponents argue that without these contracts some couples aren't getting married at all, especially if they've had a previous marriage. There's plenty of time to argue; The Law Commission plans on publishing a drafted bill in 2012 and its projected that it would be 2014 before any law passes.

What do you think? Would legally binding prenups be beneficial or should the UK maintain its status quo?

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Are Men Who Receive Alimony Any Different Than Women?

SavvySugar — Thu, 03 Apr 2008 15:36:22 -0700

A story about men receiving alimony payments from their ex-wives got front-page placement in the Wall Street Journal this week. Some men who have been hiding their financial arrangements are now "shaking off the stigma of being supported by their ex-wives." In case you're not exactly sure, the WSJ explains what exactly is alimony.

Alimony - a distinctly different category from child support - is the money that higher-earning spouses hand to their lower-earning counterparts following the end of their marriage. Often it is court-ordered, years in duration and based on big discrepancies in spousal incomes.

It mentions that the perception of men who receive alimony has been that they're slackers. But the article also says that most men receiving the payments from their ex-wives made career sacrifices, for the sake of their other halves' careers, which caused the men to earn less during the marriage than they could have.

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Was the McCartney-Mills Divorce Settlement Fair?

SavvySugar — Wed, 19 Mar 2008 06:43:20 -0700

Paul McCartney and Heather Mills finally settled their divorce this week. She began the process requesting $254 million but ended up getting $48.6 million from the settlement. There was no prenuptial agreement involved when the couple married in 2002, and while Heather had some of her own acquired wealth it came no where close to the $800 million that Paul has in his Beatles name.

After the settlement was finalized, Heather said, “It was an incredible result in the end, to secure mine and my daughter’s future and that of all the charities that I obviously plan on helping and making a difference with - because, you know, it has been my life for 20 years.” However, her behavior in the courtroom suggested that she wasn't as happy with the results as she let on. The former model poured a glass of water over the head of Paul McCartney's attorney, Fiona Shackleton, and left her head soaking wet. And I don't think she was channeling sports teams that pour Gatorade over their coach's head when they win a big game.

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I'm Not Saying She's a Gold Digger . . .

SavvySugar — Sun, 13 Jul 2008 11:08:53 -0700

London's credit crunch and financial turmoil has unfortunately mirrored that of the US, and finance types in the British capital are preparing themselves for reduced bonus payouts this year. While these guys are dreading to see how the year's financials actually play out, they're also being played by the women who said for better or for worse.

The head of a London law firm noted that "Historically during a financial downturn the divorce rate amongst high earners has increased," and based on this assumption the firm recently surveyed 100 analysts, stockbrokers, and hedge fund managers. It showed that 80 percent of them expect more women will serve divorce papers before their husbands' fortunes deteriorate further, and one out of 10 is concerned about his own wife asking him for a divorce.

Well-Educated Women Have Less Successful Marriages

SavvySugar — Wed, 02 Apr 2008 11:31:35 -0700

A survey of more than 100,000 professionals found that the more educated a woman, the less likely she'll have a successful marriage. Those with MBAs are twice as likely to get divorced or separated as men with the same educational background, and slightly more likely to have a failed marriage than women with bachelor degrees. Women with law or medical degrees are also more likely to divorce or separate than men with equivalent diplomas.

The woman conducting the study, Professor Robin Fretwell Wilson, is herself a divorcee and said "In a lot of ways women aren't getting the same deal as men. Women can't have it all because there is a social stigma to having or being a stay-at-home spouse." OK, so maybe you're thinking this seems like the same old story that we've heard a million times before? Here's an interesting fact to service your hum-drum Hump Day - the study also found that professional women "opt-out" from marriage at double and occasionally triple the rate of men.

Professor Wilson suggested that very successful women "can't summon up the TLC and support that high-earning men need," and should focus on "targeting particularly loving and supportive men." Shouldn't that be the goal no matter your education or income?

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Milla Jovovich Hasn't Always Been Financially Secure

SavvySugar — Fri, 31 Jul 2009 06:30:32 -0700

As a woman who once topped Forbes' Richest Supermodels of the World list, Milla Jovovich knows a thing or two about earning money. Milla came from a modest background and told Bankrate that her family had "pretty much nothing but the clothes on our back" when they arrived in the US.

Her upbringing heavily influenced the way she views financial security, and the striking supermodel explained that her parents divorced over finances and fights over what they could and couldn't afford. She continued,

For me and my family, financial security means peace of mind. It means being able to just enjoy life without worrying about finances . . . Definitely for me, financial freedom is very important because I came from an immigrant background, really struggling to succeed in this country.

Milla's outward appearance is nowhere near ordinary, but she really just wants what the rest of us do: peace of mind and a good life for our families.

Savvy Links!

SavvySugar — Tue, 28 Jul 2009 08:30:43 -0700

Sometimes it's hard to imagine life without financial concerns, but you should! If you had one (non-money) wish what would it be? - Glamour
Forget the everyday stuff. Get a load of some weird ways to save. - Self
Man withdrew his $190,000 savings in $20 bills after he was denied a loan. Take that, bankman! - WalletPop
Banks are getting more and more creative with fees. - MainStreet
Sure, you are granted a divorce, but watch out for a postnup. - New York Daily News
The term "Herbivore" is being used in Japan to describe a man who rejects traditional masculinity when it comes to careers, romance, and material possessions. - TrèsSugar

Don't Charge These Purchases to Your Credit Card

SavvySugar — Fri, 10 Jul 2009 04:30:10 -0700

Whether we like it or not (and I can't imagine anybody likes it), credit card companies have gotten into the habit of monitoring the behavior of their customers based on the purchases they make. Yes, your card issuer might be watching you. And they're making conclusions about your credit worthiness based on your spending behavior.

Robert Manning, author of Credit Card Nation, partnered up with Marketplace to compile a list of the 10 things you shouldn't charge to your credit card if you don't want credit card companies to question the state of your finances.

Traffic tickets: "A lot of people who have charged traffic tickets have defaulted on their cards."
Retreading your tires: "If you've bought new tires in the past, this can look like a desperate move."
Bargain binges: "If you haven't used your credit card at a 99-cent store or at Wal-Mart, don't start now!"
Adult playthings: "Porn is seen as escapism by card companies. And guess what they're thinking you're trying to escape from? Financial worries."
Marriage counseling and therapy: "Divorce can destroy your finances. Needing therapy may also make it look like you're unstable."

See the five other purchases to avoid when you read more.

Lottery tickets: "You don't want your card company to think you're irresponsible - or a gambler."
Cash advances: "Tapping your card for cash? Or using a credit-card check to pay other bills? Not a good look."
Personal pampering: "If you don't normally splurge at the spa, don't put your facial or massage on your plastic."
Income taxes: "Whenever you rack up one bill (by using your credit card) to pay another bill (your taxes) it raises a red flag."
Booze: "Springing for too many drinks may be a sign of job stress, financial stress, or relationship stress."