The Money Side of Divorce: Beneficiaries, Credit and Knowing Your Numbers, with Howard Gershman The emotional pain of divorce can't be avoided, but financial ruin can be. Howard "Howie" Gershman, a financial educator who has worked with more than 300 clients, joins me to talk about the money mistakes that quietly cost people the most: old beneficiary forms, accounts you can't see, and a credit report you have never read. He has been married more than 50 years, so he is here as a teacher, not a veteran of divorce. The smallest next step is simple. Get a copy of your credit report this week. What you'll hear Why Howard teaches instead of sells. He spent years trusting financial advice that benefited the advisor more than him. In his view, the industry is often set up for advisors and companies, not clients, so he now focuses on financial education. Basics nobody taught us. What insurance is and isn't, what investments are and aren't, and how a credit report and score work. Why one advisor can't serve both spouses. When a couple splits, someone has to move to a new advisor, and Howard explains why. Check your beneficiaries. Howard shares two stories of life insurance and a 401(k) paying out to the wrong person. The name on the form is what counts, even if your will says something different. Is life insurance a divorce asset? Howard's answer: not really, because the death benefit does not exist until someone dies. Beneficiaries are everywhere. 401(k)s, Roth IRAs and other investments have them, and bank accounts can have a payable-on-death designation. Finding assets you can't see. Howard says forensic accountants can trace accounts a spouse is hiding. Budget for the in-between and the after. Go through every expense, including the subscriptions you forgot, to see what is really left over. Know your numbers. Understanding what comes in and what goes out, in detail, is Howard's answer to avoiding financial ruin. If money makes you freeze. Howard refers clients who feel overwhelmed to financial coaches, who work on the emotional side of money. Three things to do now. Check your beneficiaries, get a copy of your credit report, and open a bank account in your name only. Timestamps These times come from the Zoom recording, which starts a couple of minutes before the welcome. Add or subtract the difference once Raven's edit comes back, then check them against the edited audio. Time Topic 2:49 Welcome and Howard's background 4:07 Why Howard does this work: trusting the wrong advice 5:31 How the financial advice industry is set up 5:51 The money basics we should have been taught 8:48 How Howard started working with divorce clients 10:49 Why one advisor can't serve both spouses 12:28 Compassion without getting into the weeds 13:52 The B$mart assessment and what it uncovers 16:16 A story about beneficiaries that never got changed 19:00 A second beneficiary story 20:01 Is life insurance a divorce asset? 21:04 Matching your beneficiaries to your will 21:37 Roth IRAs, 401(k)s and payable-on-death bank accounts 22:49 Separate accounts or joint accounts 24:39 Finding assets you can't see, and forensic accountants 26:50 Building a budget for the separation and for after 27:51 The Sweatpants of the Month Club, and forgotten subscriptions 29:07 Avoiding financial ruin: know your numbers 31:10 When money makes you want to freeze: financial coaches 32:17 The one thing to know: beneficiaries, your own account, your credit report 33:06 How to get your free credit report and dispute errors 35:26 Own accounts, joint accounts and credit cards 36:25 Opening a small account and building credit history 38:41 Howard's monthly show, Everyday Money Insights 40:42 His free gift, The Real How Money Works 42:28 Closing Resources and the Gift Vault Free gift from Howard: The Real "How Money Works" is a free digital guide, about 30 pages, that covers insurance, investments, compound interest and other personal finance basics: therealhowmoneyworks.com AnnualCreditReport.com: The website Howard mentions for getting your credit report from the three credit bureaus. Everyday Money Insights: Howard's monthly video podcast and webinar, with guests such as accountants, attorneys and divorce coaches. Gift Vault: Find Howard's gift, and the free gifts from every guest, in the Gift Vault. [Gift Vault link: add before publishing] Gift Vault entry (draft): Episode 6, Howard Gershman Title: The Real "How Money Works": Your Free Digital Guide Description: A free guide to the money basics most of us never learned, from Howard Gershman, a financial educator who has worked with more than 300 clients nationwide. Link: https://www.therealhowmoneyworks.com/us/hgershman About Howard Gershman Howard "Howie" Gershman is a financial educator with 20 years of experience. He has worked with more than 300 clients nationwide, helping turn debt into million-dollar retirement trajectories, eliminate college loan burdens and protect households from financial devastation. After years of trusting the wrong financial advice himself, he made it his mission to teach people how money really works. LinkedIn: Howard Gershman Free guide: therealhowmoneyworks.com Enjoying the show? Please subscribe, and leave a rating and a short review wherever you listen. It helps other women find us. My website: beckyswanson.com Book a free 30-minute consult: Find a time here. Newsletter: Newsletter Signup
