459: Divorce Season: How to Protect Your Financial Future During Separation

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 16 October 2023

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

Marriage and money are known for mixing like oil and water, but a little financial knowledge will allow you to navigate these sensitive issues with confidence. Today’s guest is an expert on this front and is here to equip you with some future-saving finance tips! Welcome back to the BiggerPockets Money podcast! In this episode, we’re joined by Tracy Coenen, a forensic accountant who specializes in unearthing money shenanigans in marriages. On most days, Tracy works closely with spouses who suspect financial infidelity or that their partner is making financial arrangements in preparation for a divorce. This is a vulnerable position for any partner to be in, but with Tracy in their corner, they can better handle their finances and weather the storm. Whether you’re single, preparing for marriage, or filing for divorce, this episode is loaded with all kinds of personal finance tips that will help you protect your financial future. Tracy shares why it’s critical for all couples to draft up prenuptial agreements before getting married, the biggest warning signs of financial infidelity in a partner, and when you might need to hire a forensic accountant to assist with your marital money problems. Stay tuned until the very end to hear about some of the wildest cases Tracy has worked on over the years! In This Episode We Cover Common marriage and money-related stressors that contribute to divorce When to hire a forensic accountant for your marital money issues The biggest warning signs of financial infidelity or divorce planning Why you and your partner NEED a prenuptial agreement before getting married Keeping legal costs under control during the divorce process How a couple’s finances and assets are typically divided in a divorce And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment What Out for These Financial Infidelity “Red Flags” in Your Marriage w/ Tracy Coenen Why You’re (Probably) Wrong About Prenups w/ Aaron Thomas Money and Relationships: How to Have “The Talk” Before It’s Too Late w/ Vivian Tu Getting Financially “Naked” with Your Significant Other w/ Erin Lowry Connect with Tracy and Get $100 Off Your Divorce Money Guide Click here to check the full show notes: https://www.biggerpockets.com/blog/money-459 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hello listeners and welcome to the Bigger Pockets Money Podcast where we interview Tracy
0:04.8	Conan and talk about divorce season.
0:08.2	Hello, hello, hello, my name is Nindi Jensen and with me as always is my Fascinated by
0:12.6	Money co-host Scott Trench.
0:14.8	Great to be here, Mindy.
0:15.8	I'm always, you know, I have a forensic level of interest in financial planning and today
0:21.2	we get into financial crimes, making it even better.
0:24.3	Scott and I are here to make financial independence less scary, less just for somebody else.
0:29.8	To introduce you to every money story and every money situation, which can include
0:35.2	divorce because we truly believe financial freedom is attainable for everyone, no matter
0:40.2	when or where you're starting.
0:42.0	That's right.
0:43.0	Whether you want to retire early and travel the world, going to make big time investments
0:46.0	in assets like real estate, start your own business or learn about the very real challenges
0:52.5	cheating, lying and fraud that happen in personal finance will help you reach your financial
0:58.4	goals and get money out of the way so you can launch yourself towards your dreams.
1:01.7	Scott, it's time for the part of our show called The Money Moment, where we share a money
1:05.8	hack tip or trick to help you on your financial journey.
1:09.2	Today's money moment is beware of ATM fees.
1:13.2	Try and find an ATM that is for your bank to avoid fees.
1:17.7	Most festival or bar ATMs have fees starting at $3.99 all the way up to $10 for one transaction.
1:25.4	That seems ridiculous.
	...

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