How to Financially Prepare for a Divorce

How to Financially Prepare for a Divorce

Many families in the military community are dealing with the BIG D, and I’m not talking about debt. I’m talking about divorce. It’s the reality many married couples face, whether your military or not. Unfortunately, the military ratchets the degrees of difficulty in relationships when you add in frequent moves, unemployment, deployments, PTSD, and high-risk jobs. It’s not a fun topic, but one many of you have asked me to cover because of a divorce’s financial ramifications on couples. In this episode, I talk with Daniel Yerger, a Certified Divorce Financial Analyst, about how you can prepare your finances for a divorce. Daniel is a Certified Financial Planner®, Army PSYOP veteran, and the owner of MY Wealth Planners®, a fee-only RIA in Longmont, CO. Daniel is both a financial planning practitioner and researcher, as a doctoral student in Kansas State University’s Personal Financial Planning Ph.D. program, where he studies compensation and conflicts of interest. Daniel shares insight on how to handle your finances before and after divorce, when to get help, and the unique financial aspects that impact service members and spouses in a divorce like retirement and VA disability benefits.

Thank You!

Navy Federal Credit Union supports the Military Money Show. When you become a member of Navy Fed, life gets better. Buying a car is a massive undertaking these days. I just went through it myself and used Navy Fed. They have created an easy-to-use, fully loaded car buying experience that help me. Whether you’re looking for a new or used car, you can use their car buying service, powered by TrueCar, to make the process easier. Plus, they offer great auto loan rates. Learn more at navyfederal.org/carbuying.

Financially Prepare for a Divorce Episode Details

  • The different types of divorce
  • Impacts divorce has on finances
  • Collaborative divorce and finances
  • How assets and debt are normally divided
  • Common mistakes to avoid
  • What is alimony
  • Considerations for veterans and service members
  • Preparing for the possibility of divorce
  • Where to find tips and professional financial help
Related content: Financial Guide to a Military Divorce

Financially Prepare for a Divorce Resources

More podcasts: Public Student Loan Forgiveness Program

Got Money Questions?

Get them answered on the show. Submit your questions here.

Thank You for Podcast Reviews!

I appreciate your review of The Military Money Show on iTunes, Google Podcast, iHeart Radio, and Stitcher. It helps me make the podcast better and better. Plus, it helps other people find me.

Connect

Disclosure These notes may contain links to our affiliate products or services, which means I might get compensation when you click or buy. That said, I’m only going to put affiliate links that are in line with our podcast discussion. If you want to “kickstart” your finances in the military, you can get access to my free Financial Kickstart Kit here.
Show More

Related Podcast

I'm excited to give you the skinny on MilMoneyCon24. I'll cover the hotel, special events, and what you can expect to get out of the conference.
The Skinny on MilMoneyCon24

MilMoneyCon is my true passion project - a calling to bring financial professionals together to solve problems, support each other, and uplift our community. I feel that when we unite, we create a stronger financial force, leading to a more resilient military and veteran force. In this episode, I'm excited.
Networking - why you need it, how to do it effectively, and my own personal strategies for making those invaluable connections.
Networking: Why You Need It and How to Master It

Networking can feel like trying to find a needle in a haystack. Whether it's finding a trusted babysitter or landing your dream job, connecting with the right people can be a game-changer. As I gear up for MilMoneyCon, I've been reflecting on the power of networking and what it means.
What's your current money mood? Learn about common financial emotions like fear, regret, joy and how to assess your money mood.
What’s Your Money Mood?

In this episode, I’m going to talk about financial moods, figuring out where you’re at, what you’re looking for, and aligning your mood with what you’re seeking. Understand Your Money Mood This podcast episode dives into money moods - the different emotional states people find themselves in related to their.