Supporting Newly Single Women on Their Journey to Financial Independence
How Do You Prepare Your Finances for Death or Divorce?
Rachael Burns, CFP and Certified Divorce Financial Analyst joins me to discuss ways to prepare yourself if you find yourself on your own.
We Talk About:
How spiking interest rates have complicated divorce settlements, especially when dealing with real estate.
Creative living arrangements like 'nesting'.
How you can always be prepared just by being involved in the finances regularly.
Rachel will tell us why fixating on to the family home might not always be the best financial decision in a divorce, and why sacrificing retirement savings to keep a house might lead to regret.
We'll also cover the emotional and administrative chaos that typically follows a partner's death, offering essential tips on how you can better prepare for managing finances solo. Our discussion will extend to the importance of not just knowing your financial assets but also having a hand in managing them, even if finances aren't really your thing.
Contact Info:
Time Stamps
00:20 Meet Rachel Burns: Financial Independence for Women
01:07 Real Estate Challenges in Divorce
03:02 Creative Solutions for Housing Post-Divorce
04:33 Financial Trade-offs in Keeping the House
10:55 Navigating Refinancing and Mortgage Issues
15:59 Credit and Financial Preparedness in Divorce
18:00 The Importance of Financial Awareness in Marriage
18:24 Common Financial Issues in Relationships
19:14 The Consequences of Financial Ignorance
20:18 Preparing for Financial Independence
23:28 Addressing Financial Concerns Before Divorce
24:23 Misconceptions About Post-Divorce Finances
26:10 The Role of Flexibility in Divorce
27:43 Working with Attorneys and Financial Experts
28:50 Handling Finances After a Death
34:13 Final Thoughts and Advice
Disclaimer: The information provided in this podcast is for general informational purposes only and should not be construed as professional financial advice. Always consult with a qualified financial advisor or professional before making any financial decisions. The hosts and guests of this podcast are not responsible for any actions taken based on the information presented.