The Importance of Financial Literacy in Divorce

Unlock the secrets to mastering your financial future before, during, and after divorce, even if numbers aren’t your thing. Divorce isn't just a legal process; it’s a strategic business deal that, if navigated right, can transform your life for the better. In this episode, Justin Milrad welcomes Sherry Herzberg, a seasoned divorce navigator with an MBA and 28 years of operational expertise, who reveals how to take control of your finances in one of life's most challenging transitions.00:00 - The importance of women getting involved before divorce strikes00:28 - Divorce as a financial audit: revealing hidden information01:23 - Why divorce is a strategic, project-management process03:55 - Sherry Herzberg's unique role in organizing post-divorce finances05:18 - Setting boundaries and understanding the importance of professional help06:57 - Divorce understanding as a business process, not just emotion09:58 - Access, comprehension, and execution of financial data in divorce12:33 - The most common financial blind spot for couples contemplating divorce13:14 - Gathering key documents: statements, tax returns, and more14:37 - The critical role of credit reports and digital footprints19:44 - What not to do: moving money and risky behaviors during the process21:27 - The importance of legal and financial professionals to protect assets23:30 - The misunderstood value of assets: worth, taxes, and liquidity24:02 - End-of-divorce financial steps: review, monitor, and monitor again28:13 - Handling the family home: debts, emotional value, and affordability32:21 - Preventing costly errors with retirement accounts and pensions36:25 - The significance of cash flow planning, child support, and alimony considerations40:14 - Why creditors’ claims matter and how to protect your credit43:19 - Navigating post-decree tasks and ongoing financial responsibilities47:03 - Rebuilding your financial literacy immediately after divorce48:45 - Social Security benefits and pension considerations53:12 - Quick tips: actions to take now if divorce seems inevitable57:29 - The mindset shift: turning financial literacy into a decision, not an aptitude