Mother’s Day Mailbag: I just went through a divorce. How do I make sure we’re financial exes as well?

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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