Welcome to episode 229 of Love, your Money! In this episode, I’ll be talking about a topic that impacts many people, the financial implications of divorce. This episode will serve as a primer for next week’s interview with an expert in this field, so be sure to check out part 2 next week.
I’ve seen how divorce affects people’s lives firsthand after watching my parents each divorce and get remarried more than once before I was old enough to vote. I’ve also seen the impact of a divorce in my professional career with many clients over the years. When a marriage ends, it can be devastating for many reasons. Emotions are running high, which can create tension and resentment when you’re trying to settle debts and divvy up your assets.
So today, I’ll be sharing some do’s and don’ts on how to proceed when faced with a life-changing event during a divorce. You’ll hear actionable advice on the value that a professional like a CDFA (Certified Divorce Financial Analyst) can add to your situation and tips on starting the next phase of your life with a “clean slate.”
Here’s what you’ll find out in this week’s episode of Love, your Money:
- Avoid taking on new debts and being vindictive
- If the debt is in your name, then you’re responsible!
- The emotional toll of going through a divorce
- When to hire a professional like a CDFA
- The value of having a professional help divide assets
- How proper financial planning helps start over with a clean slate
Show Notes
To get access to the full show notes, including all the resources mentioned, visit: https://hendershottwealth.com/podcast/financial-implications-of-divorce-p1
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Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
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