California Divorce And Finances | Why You Should Trust But Verify
Tim: We have clients come in through here, I think a good percentage of them have a pretty good idea of what the finances are.
I think much as far as I say husband made income like you’re kind of referring to.
We had seen about probably if I had to guess probably 50-50 of people who know what the finances are and some they are just clueless what had been you’ve experienced.
I mean you’ve written a book that we’re going to talk about here shortly.
Do you have any information on that like what you’ve seen people are aware, they’re not aware, they’re clueless, what have you seen in here?
Patti: You know it’s interesting even outside of divorce I think more times than not money is one of those topics that are it’s, I don’t want to say taboo but it’s uncomfortable for most.
And again whether you’re going through divorce or not it’s, there’s a lot of people that are uncomfortable with the process.
And I think to answer your question the majority of people that I see who aren’t the money managers, who aren’t the people who pay the bills and take care of the investments they are somewhat clueless.
They don’t know where the assets are you know if the husband has a 401K and what, where is it, and how much is in it.
Other mutual funds, other investments, other stocks, checking and savings accounts that probably have a pretty good handled, where there’s any outside investments they don’t really know where they’re at and who to call.
If they would have called you know Vanguard or [inaudible 0:01:34] or Charles Robert or whoever.
Patti: You know here is my account number. What do I have in there? So I’m seeing more times than that many people not knowing.
Tim: Not knowing.
Patti: The spouse who doesn’t know the money managing they don’t know.
Patti: They just trusted their spouse to take care of their money. And they just dealt with the kids or a lot of times the woman is the money manager.
And the husbands are working. And that was the case in my marriage.
I was the person who dealt with the money. I manage everything. My husband is out working and I have a job as well but he was the one that just let me do well.
He said you know money you do it.
Tim: You know it’s funny here’s that trust factor we have you know. Say we have a wife in here filing for divorce and I say shame on me I should have read more attuned or I should have paid attention and I usually will tell them, you know now you’re saying that it’s too bad in life that has to be something you have to be concerned about.
You should be able to have a marriage and not be worried about these things. It’s not until this type of thing happened there.
Tim: It becomes a real issue. And you know the other thing I think the courts got something right in that you know where parties aren’t informed of the finances.
You know when going through divorce you have to do what’s called your preliminary declaration for disclosures to list all your assets and debts.
This is so both parties become aware of what the assets and debts so there can be an even distribution of the property so –
Patti: And you’re right and the whole trust aspect going through a marriage and you don’t go into the thinking that you’re going to get divorce and I want you to watch out what you’re doing.
And you know you’re in love and you’re going to spend the rest of your life together and this stuff is never you know expected.
Patti: And just it’s just smart and again whether you’re ever going to divorce or not you should know your money.
I mean if your husband gets off to work and he gets killed in a car accident—
Patti: You still need to know what’s, you know what things are happening financially.
Tim: Yeah. Okay.