Shannon Compton Game went through a divorce. Today she shares things she learned that helped get through the process of separating finances in a way that doesn’t drain the bank.
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When facing a divorce, Shannon Compton Game finds that it’s helpful to create a list of assets you want to keep and debts that you are willing to take on. Equally as helpful is to know what you are willing to let go.
This isn’t a list you’ll share with others but rather something that will help you remain focused during the emotional and troubling times most people experience during the divorce process.
Be careful as the emotional attachment to assets could be used as a bargaining chip against you.
When asked about the steps to take when a divorce is imminent, Shannon says:
- Learn what rules of separation pertain to the state you live in
- Take steps to separate yourself from joint credit cards and get a separate bank account
- “Know your numbers”: It’s important to be aware of all living expenses and the amounts
- When looking for a lawyer, ask a friend or trusted acquaintances for references
She also shares her thoughts about the following:
- Situations, if any, where you and your future ex should you try to come to an agreement on your own
- Hiring a certified financial planner to help you place values on assets and debts
- The expectation of how long a divorce can take
- Prenuptial agreements
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Today’s guest, Shannah Compton Game:
Shannah is a CFP® and host of the Millennial Money Podcast. She talks about all kinds of lifestyle topics, not just divorce.
You can find her podcast in Apple Podcast / iTunes and Spotify
Links to other Shannah Compton Game’s online properties:
Website: Your Millennial Money
Miranda Marquit | Planting Money Seeds
Doug Goldstein | Goldstein on Gelt
Linda P. Jones | Be Wealthy and Smart
Joe Saul-Sehy | Money in the Morning
For a quick bio of each of our show participants, head on over to our panelists’ page.
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