The Parlay From Away group met on September 15th for a presentation on Divorce. Laurie Fried of Lumina Financial Consultants provided expert advice on how to prepare, protect, & manage finances before, during, and after this difficult life transition.
Laurie highlighted several key points:
- Money creates choices and understanding your money is the best way to unlock all your options
- Have credit in your own name – not only tied to your spouse’s credit
- Do your best to treat your divorce like a financial transaction, as hard as it is to keep emotions at bay
- The patterns we develop during marriage are predictive of what will happen in divorce so get familiar with and maintain access to your finances & assets as early as possible
- One of the first things you need to do after divorce is update your beneficiaries for trusts, healthcare (you have 60 days to sign up for COBRA), estate plans, etc
- You will be ok. Your life may be different than it was before but you really will make it through this transition and come out stronger on the other side
If you’re not yet married, Laurie recommended having the following conversations before saying “I do”:
- Discuss all assets and debt for both partners
- Review each of your expectations for finances and spending / saving
- Consider a prenup – they are fantastic for protecting your financial interests and so are post-nups, (especially if you plan to be the primary care giver)
Keep the conversation going after the wedding. It’s important you don’t stop being in the know of your finances. You don’t have to control them all by yourself but you need to stay involved
More Resources
The D Word: Money & Divorce at Parlay From Away