Dollars & Distractions - Episode 23 Separation, Money & Financial Independence: What Every Couple Should Know

It's probably not something anyone wants to think about when they're happily married or in a relationship, but separation can have a massive impact on your financial position.In this episode of Dollars & Distractions, Marianne and Bec talk about relationships, separation, financial independence and why both people in a relationship should understand what's happening with their money.We talk about how quickly a strong financial position can change after separation.Once property, assets and debts are divided, someone who thought they were approaching the financially comfortable stage of life can suddenly find themselves taking on a new mortgage or effectively starting again.We also explore why financial independence doesn't mean expecting your relationship to fail.It's about being involved.Know what you're signing. Understand your mortgage.Know what accounts you have, where your money goes and what financial decisions you're making together.In this episode, we chat about:The financial impact of separation and divorceStarting again financially later in lifeWhy both partners need to understand the household financesFinancial independence within a relationshipBFAs and conversations about protecting assetsWhy one person shouldn't automatically control all the financesHow our childhood experiences influence our relationship with moneyTalking about mortgages and money with our kidsDifferent spending and saving personalities within relationshipsFinding the balance between building wealth and enjoying your lifeWhy there should be no embarrassment in asking for financial help during separationPlus, in true Dollars & Distractions fashion, we somehow find time for chin hairs, KFC, settlement gifts, secret families, kids who desperately need to buy something at the shops, and Maryanne's first home that apparently looked a little bit like a caravan.The big takeaway from this episode is simple:Be financially educated. Be involved. Have a say in your financial decisions.You don't need to live expecting the worst to happen, but understanding your own financial position is an important part of financial independence.And if life doesn't go according to plan, don't be afraid to start a conversation about what comes next.🎙️ Dollars & DistractionsIdeas all the time. We might get distracted, but we're building wealth just fine.