August 26th, 2019
Divorce is a transactional process. You are making decisions about property, money, and time. It’s not a referendum on the emotional state—who did what, who’s right or who’s wrong. “If that’s what you’re litigating, you’re setting yourself for financial and legal disaster,” this week’s guest, Kimberly Nelson, says. 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.
Let’s talk finances and divorce. Some of us are better at making money than we are at saving money. And some of us are certainly better at spending money than anything else (um, hi). But what happens to your finances when you get divorced? It’s a super important conversation to have and I am happy to have Kimberly Nelson, an expert in this area, join me to talk about all things money related.
Kimberly has sat next to countless divorcing spouses facing significant financial challenges during an overwhelmingly emotional time. Emotional turmoil tends to cloud decision-making. Our hope is that this episode will provide a roadmap for detangling conjoined financial affairs and allow you to move forward with divorce with peace and empowerment rather than fear.
What the financial goal for divorce should be (8:29)
Keeping track of your expenses, what and how (including daily living expenses, health insurance and more) (10:40)
Stash cash: what is it and how to make sure you have access to cash that’s available to you, when needed (13:16)
The importance of letting the dust settle before making these financial decisions (21:08)
Focus on divisions as transactions that you’re trying to negotiate instead of marital rights and wrongs that you’re trying to litigate (22:04)
Why it’s really hard to be a grownup about money (25:46)
Inventorying and splitting up assets and debt, why it’s important (28:11)
What you need to know about personal credit, especially if it’s wrapped up with your spouse and marriage (38:55)
House negotiations, If you need to let go of the house, realize wherever you go, you are home to your children (42:09)
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.
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