What is debt and how is it classified for divorce purposes?
Like property, debt is classified as marital or separate. In general, both spouses are responsible for any debts incurred during the marriage. It doesn’t matter which party actually spent the money. When the property is divided at the time of divorce, it’s often the case that the person who gets the asset also gets the responsibility for paying any indebtedness secured by that asset. Even if your spouse agrees to take over the debt, joint obligors on a loan will remain jointly responsible. That is, the creditors can seek payment from either of you. Continue reading “Divorce and Debt”
If you are terminally ill, your life insurance policy is a valuable resource. Not only can you use life insurance to provide adequate income to your survivors for their short- and long-term needs, but you also may be able to receive a portion of the death proceeds from your life insurance before you die in order to pay necessary expenses or to fulfill a dream.
Continue reading “Life Insurance and Terminal Illness”
“ A fallen leaf is nothing more than a summer’s wave goodbye” author unknown
As we wave goodbye to summer, we are “spicing” and sprucing things up here. We are excited to say that if you are reading this article, our new website is finished and we are officially rolling it out. Christine has been so busy writing content for the website, that she almost ran out of words for the newsletter, but not quite! We simply shortened it this quarter, sending it to many of our folks along with their quarterly reports. But, we are now be able to share so much more on the website, and through this new “Straight Talk” Blog, as well as an IPI Facebook page, and perhaps, even a Twitter account. Our teenagers are proud that we are finally improving our technology, and they are, of course, giving us pointers. Continue reading “Fall Is Here”