Money does not determine whether or not you can get divorced. That decision is up to the individual and it doesn’t matter how many zeros you have in your bank account. In this episode of All’s Fair with Laura Wasser, we’re joined by two financial professionals who are dedicated to helping the less monied spouse navigate their way through the divorce process. The Fairy Godmother of Divorce, Nicole Noonan shares how her company New Chapter Capital, Inc. provides funding to untie the knot, and Private Wealth Manager Emily Green from Ellevest discusses socially relevant investment options that fit any size budget. Laura also explains some of the ways that people with limited finances can take complete control over their divorce without hiring an attorney @itsovereasy 

Highlights from our discussion include:

• The article and research that seems to show people in long-term committed relationships may be happier than those who are not:
  • Title: There Are Three Types of Relationship Histories
  • Author: Gwendolyn Seidman, PhD.
  • Summary: Relationship histories may be connected to self-reported levels of well-being.

• Options for people to afford a divorce (from Laura’s article on the It’s Over Easy Insights blog and Nicole’s talking points)
  • It’s Over Easy & Laura’s article on the Insights blog
    • I Need a Divorce but Have No Money
    • Summary: Divorce is not only for the wealthy. For example, at It’s Over Easy online divorce service a full-blown divorce costs $950 plus filing fees. We also provide education and information to give anyone—rich or not—an idea of what to expect in the dissolution or marriage process in every state. Our site also walks people through each step of the process, completes the divorce papers for you, and files the divorce forms with the court. Plus, we educate along the way with articles, videos, and podcast interviews with celebrities and experts all about relationships and Family Law.

• Top 5 Questions People Have About How Much Divorce Costs
  1. What if I don’t earn an income?
  2. What if my spouse depletes our bank account?
  3. What happens if we can’t afford an attorney?
  4. Our money is in a joint account; can I use those funds?
  5. My spouse says they’ll bankrupt us on purpose?

• People save for a wedding, but rarely save for a divorce
  • Options include:
    • Credit Cards & Gifts
    • Divorce funding
      • In light of court being backed up because of COVID it may take longer to get into court and make an application for interim relief, counsel fees etc.
      • Mediation is an alternative and New Chapter Capital funds for that as well.
    • Who is a candidate for funding?
      • Nicole’s forthcoming Insights article details the story of “Victoria,” the woman whom Nicole couldn’t help who inspired Nicole to create her company to fund people’s litigation costs during a divorce.
      • Scenarios of people that have used funding to level the legal playing field
    • Successful outcomes
      • What people have done in their next chapter, starting business going back to school, etc.

• About Ellevest (from their Instagram @Ellevest)
  • Built by women, for women—the financial industry wasn’t.
• Stats about marriage (from Emily’s talking points)

• 74% of women are single — either never married, divorced, or widowed — when they die.
• Nearly three-quarters of women who outsource the management of their money to male partners find themselves with a negative financial surprise after divorce or widowhood.
• One study found that women’s household income falls 41% after a divorce and 37% after a spouse dies. (Men’s income also falls after they lose a partner, but by way less — close to half.)

• Money is huge stress for many women after divorce
  • Money is one of the most personal things in our lives.
  • Many will leave their partner's financial advisor after divorce.
  • Unfortunately many times, they are overwhelmed and “sit in cash,” which perpetuates their money problems
• The importance of goal planning & finding the right financial advisor
  • Women tend to care more about if they can achieve a goal like retirement, buying a home, a boat, etc...than if one stock outperforms the other.
  • Make sure they find an advisor who talks to them about their specific goals.
  • This is a very stressful time and money is already a stressful topic.
  • Find an advisor who you feel comfortable asking questions to and divulging personal information.

• Tips for women of modest means
  • Establish credit in your own name, prior to divorce
  • Check your bank balance at least once a day
  • Write up a budget, or use a budgeting app to track your expenses
  • Read blogs, like on IOE and on com which features articles and reviews of the best budgeting and saving tools (below)
    • Nerdwallet - NerdWallet has a free app that helps you track your cash, discover new ways to save and even build your credit score.
    • MINT – for saving more and spending less
    • YNAB & Every Dollar – for zero based budgeting
      • Your income minus your expenditures should equal zero.
    • PocketGuard – for a simplified budgeting snapshot
    • Clarity Money – for all-inclusive budgeting
    • Good Budget – for shared envelope budgeting
    • Personal Capital – for tracking wealth and spending
  • Investing with impact & Our Personal Mission Statements
    • Women care about the impact they are making in the world.
    • After divorce Ellevest helps women to build a personal mission statement that reflects their values.
    • They can use this in investing, philanthropy and even how they spend their time and money.
  • Laura’s personal mission statement (results from Values mapping exercise)?

Contact Info for Emily Green and Nicole Noonan

• EMILY:
  • IG = @Ellevest
  • Website = ellevest.com
• NICOLE:
  • IG = @NicoleNoonanOfficial
  • Website = NewChapterCapital.com