Episode 215: How to Manage Your Money Before Divorce with Alison Hall
If you are trying to figure out what you need to know about your financial situation before you make any big moves – from divorce to losing a career -- we’re taking the first steps in today’s episode.
Alison Hall is the founder of Change Agent Coaching for Women and co-founder of The Boldest Me, a personal development and empowerment brand for women affected by divorce. After a successful corporate career spanning 25 years, she pivoted to entrepreneurship.
Her mission is to ignite confidence in women, helping them discover their strengths and unearth their purpose. She wants us to shed the burdens of societal expectations.
Alison describes herself as a finance geek. After helping some friends through divorces and life transitions, she realized she had a passion for helping others with this work. She discovered that in addition to the need for financial help, they also needed coaching to move from one life stage to another.
Capacity to make money
Alison says women with bosses tend to think they won’t be able to make the money they’re making if they leave their situation. They might think they’re not qualified enough.
“I truly believe that we all have the capacity to make as much money as you want or need,” says Alison. “If you can say to yourself, ‘oh gosh, I can't,’ then why can't you just flip it and say ‘I can,’ and think of all the ways that you can do something?”
Fear is limiting and it takes over. I'm afraid I'm not going to make enough money. I'm afraid my kids aren't going to eat. So, you make decisions based on those limited beliefs.
When you take all of those negative thoughts and just practice thinking about an equal, opposite, positive thing. Well, I'm a pretty smart person. I could probably figure it out. There's nothing in my way other than me, so I could probably get a better job. Maybe I could start a business doing what it is I love. It takes a lot of practice.
As a certified divorce financial analyst and tax planner, Alison loves the strategy aspect of working with the numbers. Alison works only work with women because in the majority of divorces, women are the ones who are going to maintain the most responsibility for children and households, but who come out the worst in settlements, mainly for lack of knowledge.
Book recommendation: The Feminine Mistake
Importance of understanding your finances
Alison says many of the women she works with don’t know anything about their finances. They may pay the bills, but they don’t know what’s going on in the background. Very often, they don't know what benefits their spouse has. They don't know their rights about those benefits. They don't know that the marital assets belong to everybody.
“I wish more women would not give up, you know, rights to information. That they are equal parties,” says Alison.
And it’s not just divorce where this lack of knowledge can become a factor. Sometimes, your spouse might become incapacitated. If you have all the information, then you can advocate for yourself.
First finance step when in a relationship
Our primary relationships and our businesses are so intertwined. Our romantic relationships can be a part of how we view ourselves in the world. Alison says the first step any woman should take is to pull their head out of the sand and acknowledge what you don’t know about your finances.
Then it becomes very easy. If you’re married, this is everybody’s problem. The money belongs to everybody, and so does the debt. Look for all of the bank accounts, look for all of the creditors. There is empowerment in knowing, so you can plan your finances during a divorce.
“Even if it's not a bad transition, if you're just maybe wanting to move from corporate to, you know, having your own business or working with a partnership or something like that, if you already know where all the moving parts are, that's half the battle,” says Alison.
Don't be afraid to know your numbers. Don't be afraid to know where things stand. Don't be afraid to look and find. Pick one thing and get a win. You don’t have to start the goals too high at the start. Maybe the first day is finding all the credit cards.
Find Alison on Socials
- White Hall Divorce Solutions
- Connect on LinkedIn
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