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6 Financial Mistakes to Avoid in Divorce

Instead, keep "the personal stuff" out of the equation, approaching the division of assets in as civil a manner as possible, he advises. Consider working with a financial professional or mediator instead of opposing attorneys.

2. Maintaining joint credit People often think that if the divorce decree specifies one party is to pay off a credit card, they aren't responsible for the debt anymore. That's not necessarily the case, as Kate Burch, director of communications at The University of Oklahoma, learned last fall. "My ex was supposed to pay one of the credit cards per the decree, but when he decided not to pay it any longer, I was at fault since it was in my name," she says.

If you're borrower or a co-borrower, the credit card company can hold you liable, regardless of the decree , says Todd Christensen, director of education at Debt Reduction Services Inc. "Credit card companies are not party to a divorce decree," he says.

Ivory suggests you contact the lender directly before finalizing the decree and discuss what they need from you to remove your liability and minimize your credit risk.

4. Planning without a budget You can't make smart financial decisions without a budget, especially when you are starting over after a divorce. First, determine what you need to live on. Cohen recommends working with a financial planner to budget for three, five and even 20 years from now. "You need to think about your finances from the perspective of your future," he explains.

Then, as you negotiate the division of marital assets, keep that budget in mind. Jeff Landers of Bedrock Divorce Advisors, a firm specializing in divorce financial strategy, indicates failure to do so could be financially disastrous. "Once your final divorce decree is signed, it may be difficult, or even impossible, to make changes," he says. "You often have only one shot to get it right."

5. Believing assets are created equal When dividing marital assets, you need to weigh their true value. Do you choose a $30,000 car or a $30,000 mutual fund? How about a $600,000 bank account or a completely paid $600,000 home? Choose carefully because the car will depreciate in value, and taxes, maintenance and capital gains can take a chunk out of the home's true worth. Homes are particularly difficult to value because the market can fluctuate, and they're worth zero if you can't afford the payments and lose the house in foreclosure.

Best Cash Back Credit Card For 2011 « Business Reward Credit Card

Well the answer is quite simple. The banks are really not too sure that the recession is over, and their lending standards reflect that. However, there is one way you can get a top, high cash back credit card in 2010 and 2011. The way to do it is to reduce your debt level, increase your FICO score, and then apply for a best cash back credit card you can find.

So what is the best cash back credit card for 2011?

Once you have established a high FICO score by reducing your debt, preferably to less than 25% of the credit limit on each of your cards, banks will compete for your attention with high cash rewards card offers. You will probably start getting attractive pre-approved offers in the mail again! Which will be the best credit card for you will depend on where you spend the most money. Let’s see a few possibilities:

If you carry a credit card balance

Maybe in this case you should not even focus on getting your money back as much but rather on developing methods of getting out of credit card debt as soon as possible. Look for a balance transfer card with the longest intro rate possible. And look for cash back debit cards in addition.

If you have high weekly grocery and gasoline expenses

Maybe you are taking care of a large family and spend significant amount of money on groceries and for the cost of transportation, that is gas? In that case, the best credit card for 2011 will give you as much as 5% off on all gasoline purchases and some grocery purchases. Likely, you will get the highest 5% money back by pumping gas at a single brand station such as BP.

If you travel much

When you travel across the globe or within the USA, you could benefit most from a no-limits miles card . You will receive multiple miles, up to 5, for purchases of airline tickets, and lower amount of miles on all other purchases. Combining frequent flyer miles with the miles earned through purchases, your rewards will come quickly and will be easy to redeem.

For everyone else…

For everyone else, getting cash back on most purchases makes the most sense.