364: Divorce: The Biggest Marriage and Money Mistakes to Avoid
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 19 December 2022
⏱️ 56 minutes
🧾️ Download transcript
Summary
Everyone makes financial mistakes, even those that we trust with money the most. Rachel “Money Honey” Richardsto many people online is the epitome of someone who has their finances locked down. She grew a massive real estate portfolio in her twenties, hit financial freedom before thirty, and has written bestselling books that others use to increase their financial acumen. And although Rachel still is a financially free money nerd like no other, her recent divorce changed most of what she knew.
Through a few simple mistakes, Rachel’s recent divorce dragged on longer, cost more, and left more up to chance than she would have liked. After going through the pain, struggles, and anxiety of leaving the marriage, Rachel wants everyone, whether single, dating or married, to not make the same mistakes she made. These mistakes are often small, and can be easily overlooked, but making them could be deadly to your finances and allow an unplanned divorce to bury you.
But this isn’t all advice on what to do before or during a divorce. Rachel shares personal advice on red flags you should look for when starting a relationship, how to separate your finances so you keep what is yours, and why overlooking a prenup can be one of the worst moves to make when starting your marriage. No one plans for a divorce, and Rachel didn’t as well. So happily ever after or not, these life-saving moves are ones you should be thinking about making.
In This Episode We Cover
The “misaligned vision” that led to Rachel and her ex-husband’s divorce
Red flags to watch out for and an instant sign that a relationship may not work out
Losing 50% of your real estate portfolio to divorce and how to protect against it happening again
What most couples get wrong about marital assets and how they’ll get split during a divorce
Rachel’s four biggest money mistakes that you should NEVER make when married
The trust cost of divorce and how much Rachel had to pay to separate
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Prenups, Projects, Prolific Spending, and Planning for 2022 w/ Carl & Mindy Jensen
Why You’re (Probably) Wrong About Prenups
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-364
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome to the Bigger Pockets Money Podcast, where I interview Rachel Richards about divorce, |
| 0:05.1 | splitting significant assets without the benefit of a prenup, and what happens afterwards. |
| 0:11.1 | But here is where I made mistakes. Again, each party gets to keep their own pre-marital assets. |
| 0:17.2 | So any savings I had before the marriage, I get to keep. Any retirement accounts, |
| 0:23.0 | amounts that I had before the marriage I get to keep. But the growth in those retirement accounts |
| 0:27.6 | during the marriage, that's a marital asset. So first of all, mistake number one, |
| 0:35.0 | is that, and I can't even believe I'm like saying this out loud, because now it seems so obvious. |
| 0:42.8 | I combined our accounts prior to marriage. Hello, hello, hello, my name is Mindy Jensen, |
| 0:47.9 | and I am hosting the show Solo Today. I am here to make financial independence less scary, |
| 0:53.5 | less just for somebody else, to introduce you to every money story, because I truly believe |
| 0:58.9 | financial freedom is attainable for everyone, no matter when or where you're starting. |
| 1:03.6 | Whether you want to retire early in travel the world, go on to make big-time investments in assets |
| 1:07.6 | like real estate, or start your own business. I'll help you reach your financial goals and get |
| 1:12.2 | money out of the way so you can launch yourself towards your dreams. Today I'm talking with |
| 1:17.4 | Rachel Richards. You may know her from Bigger Pockets Money Episode 317, and from her books Passive |
| 1:24.0 | Income Aggressive Retirement, and Money Honey. Before we bring in Rachel, let's take a quick break. |
| 1:30.1 | Before we get into the show, here's a word from today's show sponsors. |
| 1:34.4 | Everyone is wondering where the real estate market is headed. Well, how about a better question? |
| 1:38.7 | How do I make money in any market cycle? As times change, the fundamentals of real estate investing |
| 1:44.0 | don't. The secret to success for rental property investors is simple. Keep buying cash flowing |
| 1:49.1 | rentals, and rents of retirement can help. Rents of retirement offers fully turnkey properties that |
| 1:54.3 | are newly built or renovated, least, and managed, allowing you to invest with confidence in the |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.