As a financial coach, I am always keen on giving you valuable insights that could shape your financial decisions, especially in turbulent times such as during a divorce. Recently, I had a wonderful conversation with Karen Mcnenny of the Good Divorce show, which delivers so much great insight. Below is a summary of all we talked about and the full conversation can be heard here.
Guiding Couples Through Divorce
Karen and I delved into the crucial role she plays as a divorce coach. She underscored her commitment to helping couples navigate the rocky terrains of divorce with a sense of grace, respect, and collaboration. The central aim here is to ensure a fair split of assets, where both parties can create stable households, particularly when kids are involved. Imagine a divorce process that’s not a war zone but an amicable path where the best-intended outcomes prevail. After all, if kids are involved then you’re likely to be in each other’s lives forever.
Money, Divorce, and The Balance of Stability
Money matters are often a hot spot in divorce proceedings. Karen shared some insightful stories about how some couples handle this delicate issue. The goal is to avoid the ‘scarcity model’ and instead focus on creating abundance for both parties. By looking at assets not as territories to claim but as resources that could provide stability for both households, the divorce process can be less painful and more strategic.
Equal or Appropriate?
We explored the common yet somewhat misleading phrase, “that’s not fair”. When dividing assets during a divorce, it’s not always about being equal. Karen emphasizes the importance of what feels ‘appropriate’. The question of fairness becomes more about creating a balance that respects both parties’ perspectives and needs, rather than a tit-for-tat division of assets.
Avoiding Divorce Pitfalls
We delved into some potential pitfalls during a divorce process that couples should be wary of. Unresolved financial entanglements, such as shared mortgages and business investments, can create significant stress down the line. These issues highlight the importance of careful planning and clarity in the divorce process. A clean divorce agreement ensures a smoother transition to post-divorce life. Ultimately it may save you money versus fighting it out in court with legal fees.
Whether you’re married or divorced money can be a source of angst. Navigating a divorce isn’t easy, but with the right guidance and perspective, it can be less devastating. By adopting a collaborative approach and considering the long-term financial impact, couples can emerge from the process with their finances and dignity intact.
In the end, it all boils down to preparedness, clarity, and a willingness to adapt. A divorce can certainly upset your financial stability, but it doesn’t mean you can’t bounce back or even come out stronger.
I was recently a guest on Karen’s podcast, ‘The Good Divorce Show’. I’ve been told there are nuggets in our conversation for those currently married as well as around divorce as we addressed the topic ‘Get a Handle on Your Finances: Before, During, & After Divorce‘. Check it out and share it with others!
The reality is that, for most of us, post-divorce life does not mirror married life when it comes to income, spending, and saving. As the financial pie gets redivided, it’s almost inevitable that everyone loses something. However, during our conversation on the podcast, I provided some practical tools for creating a spending plan and shared cautionary tales about preserving your financial health and autonomy. I believe you will find it beneficial to get a perspective on how you can safeguard your financial interests during such a tumultuous period.
Remember, I’m here to help you navigate these challenging moments in life. You can always reach out to me for a free Discovery Call.