114: Straight Talk on the Financial Realities of Splitting Up

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

Our Facebook Community “Positive Co-Parenting After Divorce”

Our Site’s Divorce Help Page

Our story, “Conscious Uncoupling Before it Was Cool”

Related Episode: Why We Should Spend Less Money on Our Kids

Related Episode: The Wealthy Single Mom

Related Episode: Conscious Uncoupling with Katherine Woodward Thomas

Best Books to Read When You’re Going Through Separation or Divorce

7 Myths and Realities About Family Mediation for Couples Going Through Separation and Divorce

What to Do When You Want a Positive Co-Parenting Relationship But Your Ex is Making it Impossible

Some of Marci’s writing:
Marci’s Chatelaine article, “Why 40 is the New 20 When It Comes to Happiness”

Marci’s Chatelaine article, “What it Feels Like to be Naked in Front of Strangers”

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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Brandie Weikle

About Brandie Weikle

Brandie is a long-time parenting editor, writer and spokesperson. Most recently editor-in-chief of Canadian Family magazine, Brandie has also been the parenting and relationships editor for the Toronto Star, founding editor of two Toronto Star websites, and an editor for Today's Parent. Brandie is a single mother of two in Toronto and a frequent television and radio guest on parenting topics. A former digital director at House & Home Media, she also consults on digital audience engagement. Contact her here. View all posts by