Laura and Johnnie are joined by top business manager and certified money and financial coach Carrie Hausner Casden (Summit Financial Management). In the discussion, Carrie shares advice and insider tips on how to maximize pre and post divorce finances before and after the dissolution of a marriage is completed. Carrie, who went to Beverly Hills High School with our hosts, also quizzes Laura and Johnnie about their “Money Personalities,” which reveals some surprising results you won’t want to miss.
Discussed in this episode is the article about the couple who met on an app, then got involved in a bank robbery:
- Written By: Scottie Andrew
- Publication: CNN.com
- Publish Date: 2.13.20
- Summary: Dude named Christopher Castillo convinces un-named woman on their first date to drive him to a bank where he steals $1000; later gets nabbed by cops and she goes free.
MONEY AND LOVE CAN CERTAINLY TEMPT PEOPLE TO DO CRAZY THINGS, BUT TODAY WE’RE GOING TO SPEAK IN DETAIL ABOUT THE EMOTIONS AND BEHAVIORS BEHIND THOSE ACTIONS THAT DRIVE PEOPLE TO FINANCIAL RUIN AFTER A DIVORCE, OR THE BREAKUP OF LONG-TERM COHABITING RELATIONSHIP…AND HOW TO BE PRO-ACTIVE IN YOUR CHOICES SO YOU DON’T FEEL DECISIONS ARE BEING FORCED UPON YOU.
Also discussed in this episode:
Carrie is Financial Planner and Money Coach at Summit Financial Management (from her website), which is a boutique financial management firm providing customized back office services, including:
- Assisting clients in the process of life changing events such as divorce, death or disability understand the new financial landscape they may be facing
- Managing the day to day financial needs of clients
- Establishing banking relationships
- Tracking income from varied income sources
- Preparing budgets
- Check writing
- Filing medical and other insurance claims
- Coordinating payroll
- Organizing tax documents
At the top of the show, we spoke a little about the conscious and unconscious relationships people have with money. Now, let’s take a look at how those relationships are related to what financial coaches call our Money Personality. Let’s start with discussing the 8 main archetypes of Money personalities (from the Money Coaching Institute) :
- The “Innocent"
- The "Fool"
- The “Victim”
- The "Creator/Artist"
- The "Tyrant"
- The "Magician"
- The “Warrior"
- The “Martyr”
Carrie discusses her most recent article on the It’s Over Easy Insights blog, Can Money Make or Break Your Marriage, in which she writes about the relationship people have with money.
Next, we discuss the financial aspects of the “business” of marriage and answer the following:
- What are some of the financial compromises one makes when they get married (especially if you decide to leave the work force)?
- What are some of the new financial realities parties experience post break up – how can someone be proactive in their choices so they don’t feel like decisions are being forced on them?
- How does one plan ahead financially for divorce or the big break up, and the pursuant move from the marital residence into a new place?
- Lending – tied to income… not assets – which can be shocking for someone post breakup or if someone is thinking of leaving their marriage.
- Getting credit in one’s name while you are married, because it could be hard once one is divorced
Carrie then outlines the legal ways to make money post-divorce (from her first article Managing Your Post-divorce Finances that she wrote for IOE last summer)
1. Work to support yourself
2. Manage your divorce settlement, (spousal and child support) to last your lifetime
3. Start looking for your next spouse to support your lifestyle
4. You are assured of an inheritance which will support you throughout your lifetime
5. My favorite fantasy—you plan on winning the lottery!