FINANCIAL CONFIDENCE BEFORE, DURING, AND AFTER DIVORCE
HOST: Beverly Price, Divorce & Empowerment Coach
GUEST: Leah Hadley, founder and CEO of Great Lakes Divorce Financial Solutions
SUMMARY:
One of the things that most divorced women struggle with is financial confidence. Financial confidence is a critical factor to consider before, during, and after a divorce. Before divorce proceedings commence, it's essential to have a clear understanding of your financial situation, including assets, liabilities, income, and expenses. This knowledge is a powerful tool that will help you make informed decisions and negotiate equitable settlements. Ultimately, financial confidence involves not only obtaining the necessary financial information but also getting organized and seeking support from a divorce financial specialist who can provide expert guidance in navigating the complex financial aspects of divorce. In this episode of Her Empowered Divorce, your Host, Beverly Price, talks to Leah Hadley, the founder and CEO of Great Lakes Divorce Financial Solutions. Together, they discuss how you can build your financial confidence before, during, and after divorce.
KEY TAKEAWAYS:
Financial fears run the gamic when it comes to divorce. So many women are terrified they will run out of money, not have the income to support themselves, and give up the lifestyle and community they enjoy.
Financial abuse can show up in various ways, including limited access to financial information, reduced access to finances, and concealed assets.
What kind of financial professionals should I have in my divorce team? When you are going through a divorce, it’s important that you have professionals who have credentials in divorce-specific areas.
Even the same assets can have different tax returns, and you have to consider the different implications when negotiating and dividing assets.
No matter what assets you want, if you are considering financial security after divorce, you have to prioritize having liquid cash assets when negotiating. Cash is king. Prioritize it and ensure you have access to it.
NOTABLE QUOTES:
You should always have access to information about your own financial situation; it’s a big red flag if it’s a trigger or an issue for somebody to bring up a topic around their financial situation. (Bela)
Not every asset comparison is equal; if you want to keep the house and your partner gets the 401k, there are different tax implications that make the net not equal. (Beverly)
If you’re in a situation where you have access to financial information, take advantage of it and make copies of statements; it’s incredible how difficult it can be in some cases to start collecting financial information once the divorce gets started. (Bela)
Get clear on where you lack knowledge and start to increase that knowledge; nobody is born knowing how to manage money well. That is a learned skill, and you can learn by allowing yourself the opportunity. (Bela)
Money doesn’t have power over you; it’s simply a tool you can learn to use well to reach your goals. (Bela)
If you want to keep your marital home and offset that with retirement assets, make sure you understand what you’re giving up because sometimes, when we are looking at the here and now and what will keep us comfortable at the moment, we are giving up something more meaningful and can cause financial difficulty in the future. (Bela)
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