Thanks so much for coming by to check out Episode 114 of The New Family Podcast where we have a frank-and empowering-talk about the financial realities of separation and divorce.
We’re joined for this episode by Marci O’Connor, a Quebec-based freelancer writer, social media consultant and mother of two teenage boys. Marci has been separated for just over a year now and remains very amicable with the father of her boys. However, she and I dive into an aspect of separation and divorce that’s not talked about as openly as we’d like-the financial realities of splitting up. Many divorced couples need to adjust to being reduced to a single income, have to pay fees for the lawyers they used during the divorce, and work out what’s happening with their property. A lot of couples quickly sell their house to someone like Ben Buys Indy Houses and split the profit so they are able to go their own separate ways and buy a new house. Others work out an agreement that allows one to keep the property and the other simply moves out. It greatly depends on the individual circumstance and income. Marci has had first-hand experience on all the financial realities so our chat was very productive.
She was lucky because after she split up with her husband, she accounted for the reduced income by finding the best stock trading app for beginners, diversifying her portfolio, and finding new ways to generate an income. But not everyone knows to do this. Sure, everyone knows that divorce means dividing assets. But often roles as earners shift dramatically, stay-at-home parents return to the office or seek new careers altogether, housing and retirements plans can come into question.
That said, it’s not all doom and gloom either. It can be very empowering-especially if you were in a relationship where you didn’t take the lead financially-to discover that you can manage much better on your own than you might have imagined. It can be awkward, frustrating, and even confusing when working out how to divide assets between the separated couple but there is legal help out there available to make the whole process a more streamlined one.
Here are some great resources related to my discussion with Marci.
Connect with Marci on Twitter
Some of Marci’s writing:
Marci’s Chatelaine article, “Why 40 is the New 20 When It Comes to Happiness”
Photo credit: Kristin Foster Photography
Marci’s Favourite Parenting Advice
“This came from my family doctor. I was lucky, my family doctor is the one who delivered my older son. So Patrick used to come to all of our appointments and when Ethan was born, she gave us this one piece of advice. It sounded really basic but I think that Patrick and I I still kind of live by it, and that’s that whatever parent feels most strongly about a parenting decision that needs to be made, then usually that’s the one you should go with. And that has served us well. I don’t know if it will work for other people but it helped us.”
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