Avoiding Costly Mistakes in Divorce with Nikki Tucker | Ep. 331

Episode description

On today's episode, Tiffany Grant is joined by Nikki Tucker, a Certified Divorce Financial Analyst (CDFA), to discuss common financial mistakes to avoid during a divorce. Having recently gone through a divorce herself, Tiffany finds Nikki’s insights timely and invaluable. Together, they explore vital points such as the importance of organization, balancing reliance on attorneys, and understanding your financial position post-divorce.

Check out the full show notes here: https://moneytalkwitht.com/podcast-show-notes/navigate-divorce-finances/

Nikki Tucker, a Speaker and founder of The FIIRM Approach, is known as a problem solver since her experience and her time involves helping women strategically exiting their marriage and work on their new financial life post-divorce, as a Personal Financial Strategist.

As a 20+ year financial professional, she firmly believes that all women deserve financial security and she enjoys teaching new ideas about money, and reinforcing sound ones. Nikki finds joy in connecting her clients to great resources to help them gain clarity, confidence and control of their finances through live workshops and digital resources.

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Getting Organized

• Nikki emphasizes that one of the biggest mistakes is not being organized during a divorce. While organization doesn’t have a direct monetary cost, it impacts the overall cost and timeline of the divorce process.
• Having documents related to assets, especially your home, organized is crucial for smooth negotiations.

Over-Reliance on Attorneys

• While attorneys are valuable, relying on them for every minor issue can quickly become expensive. Nikki suggests incorporating other support systems, such as therapists, divorce coaches, or a CDFA, to handle certain aspects of the divorce process more cost-effectively.

Understanding Your Financial Position

• Understanding that your household income and financial dynamics will change post-divorce is imperative. Knowing your expenses relative to your income and planning accordingly is crucial.
• Emotional decisions can cloud financial judgment; having a clear financial...