June 17th, 2020
Episode 76: Divorce, Debt, and the Pandemic with Kimberly Nelson
Today, Kimberly Nelson, Financial Advisor, CFA®, and CDFA comes back to the podcast to discuss financial resources and strategies to help you maneuver through divorce and debt during COVID-19. The global pandemic has created an uncertain financial time for many. Instability in employment and, directly related, instability in spousal or child support you may be receiving, are just two of the financial concerns those going through divorce face.
And holy cow, it’s a lot to process. Going through a divorce during this extra tumultuous time adds a layer of complexity to everything. Kimberly walks us through how to manage your debt, your finances, and what to do if/when you lose financial support from your ex or stbx due to his or her loss of income.
She also leaves us all with this reminder: There is no shame when it comes to your finances and COVID-19; nationally we are all dealing with this.
*Please note this episode was recorded on 5/21/20. While advice is still relevant, listeners are encouraged to consider that the COVID-19 pandemic is creating an environment that changes rapidly, and new announcements, rules, regulations, etc. continue to evolve.
What to do if you receive spousal or child support and are no longer receiving it due to your ex-spouse’s change in income due to COVID-19. (6:00)
How to prepare for a drop in income. (13:00)
If you have a pending divorce, keep debt lines separate. Plus, some other strategies for when you are carrying a lot of debt. (16:00)
The different types of debt – revolving debt vs. installment debt. (19:00)
The benefits and disadvantages of refinancing. (21:00)
Rent and eviction moratoriums. (27:32)
Kimberly answers the question: Are any of the financial programs available during COVID-19 available to those who may have been unemployed prior to the pandemic? (31:00)
What you should know about auto loans and student loans. (33:00)
Why you should have all agreements – between you and your ex – in writing. (41:00)
Negative interest rates – what they are and why they are used. (53:53)
Learn More About Kimberly: Kimberly has been working with high net worth divorcees in the LA area for more than 15 years. She understands the challenges women face when navigating an overwhelming bevy of attorneys, accountants, insurers, and other advisors during the dissolution process. Kimberly’s team at Coastal Bridge Advisors prides itself on its ability to organize all the advisory elements in a coordinated manner and ensure that the advice their clients receive is clear, constant, and in the best interest of the family or individual.
Resources & Links:
The Ultimate Divorce Survival Guide
Should I Stay or Should I Go Facebook Group