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

Money Talk With Tiff

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/

About our Guest

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.

Connect with Nikki

Website: https://thefiirmapproach.com/

Instagram: @thefiirmapproach

Facebook: The Fiirm Approach

Connect with Tiffany

Website: https://www.moneytalkwitht.com

Facebook: Money Talk With Tiff

Twitter: @moneytalkwitht

Instagram: @moneytalkwitht

LinkedIn: Tiffany Grant

YouTube: Money Talk With Tiff

Pinterest: @moneytalkwitht

TikTok: @moneytalkwitht

Key Discussion Points

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 strategy helps make informed decisions.

Certified Divorce Financial Analyst (CDFA)

• Nikki explains the role and importance of a CDFA in the divorce process and how they can help ensure a financially fair settlement.

Quotes

• "The biggest mistake that people make is not getting organized, and it doesn’t cost you anything." - Nikki Tucker
• "There needs to be a lot of awareness and information gathering that you are doing to understand what your financial position is." - Nikki Tucker
• "Having your stuff together makes you feel much better about it, and when you can pay more attention to the numbers, you're ahead of the game." - Nikki Tucker

Resources

Everything You Need To Know About Prenups (And Why You Should Get One) | Ep. 240

Money After Divorce with Krista Goodrich and Grace Everitt | Ep. 19

The Divorce Money Guide with Tracy Coenen | Ep. 138

Conflict Management with Rhonda Johnson | Ep. 47

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