Finances change after divorce. Emily and Kevin talk about the changes and issues that come from divorce.

 

Transcript:

 

Emily: Divorce Talk Radio does not give therapeutic advice. The topics discussed are for informational purposes only. If you are in need of therapy or counseling please consult a licensed professional in our own state.

Welcome to Moving Forward. I am your host Emily McGrath here with my co-host, Kevin McCarthy. How are you doing today Kevin?

Kevin: Emily good Sunday evening to you. We’re doing fine and making it through a whole other week here and let’s see what the weekend holds in store for us.

Emily: Fantastic, the always go too quickly.

Kevin: They do, the older we get time just slips by.

Emily: I know. So were going to be talking about finances and divorce and all of that.

Kevin: Money.

Emily: What comes with all the difficulty and trying to survive.

Kevin: That’s exactly it. But when you talk about especially divorce it’s usually the other person or one of the other one is just blindsided. When you’re blindsided, oh my gosh, there’s an even more so of a problem than you know if you both are going to separate.

Emily: Right if it’s a joint agreement. Yes, I don’t think that happen very often where it’s a joint agreement because it’s usually one sided like you said. So finances come with that because there’s change with divorce. There’s change with divorce with every aspect but with this you go from having a joint account. Usually couples have a joint account. For me I was a semi-stay at home mom. I only worked part time and income was not something that I had a lot of.

Kevin: So your husband at the time was working full time.

Emily: Full time.

Kevin: You had a little part time job and you pretty much took care of your son. You were taking care of the things at the home and handling the other part of it.

Emily: Right exactly.

Kevin: Because marriage is a partnership.

Emily: Right exactly. So when this comes up and the marriage is oh, what happens with the finances? Because I didn’t make a whole lot of money and how I’m I going to do it being a single mom and only having a part time job, where do you go from there?

Kevin: Did your husband handle all of the aspect of the business, the checking accounts, the banking the savings or did you have a little input?

Emily: I did most of it.

Kevin: Oh you did it, good okay.

Emily: I did. Yes but with the big stuff we would somewhat talk together. A lot of it was just him doing it. I paid the bills because I was home more. But I didn’t bring in a lot of money.

Kevin: At least you knew though what was coming in…

Emily: I did.

Kevin: . . . and what was coming out.

Emily: Yes and it was more coming out than coming in. It’s not like we had abundance of money…

Kevin: Right.

Emily: …by any means and that’s why I was working to bring in some extra money for…because diapers and formula, that stuff is all expensive.

Kevin: Has nothing to do about the food and all that other care.

Emily: Gosh! It’s just the…

Kevin: That comes with having a child.

Emily: Yes, it’s just the iceberg.

Kevin: Which coast money?

Emily: Yes everything coast money and so at the time I was the one that was leaving. I wanted to find a way to try and save up money before I left, because it was just bad. So I actually called up one of the local banks and they were having a deal where if you put in 100 dollars in checking then you get a hundred dollars.

Kevin: Yes.

Emily: I was like oh my gosh. That’s like huge.

Kevin: Almost a no-brainer but that’s doubling.

Emily: Right but the catch was that you had to have a check. Like write out a check and deposit a check into the checking account. Which I did not want a trail.

Kevin: Right, just a paper trail.

Emily: Paper trail.

Kevin: Well you were just trying to plan ahead for you so when the di[...]