How Divorce Can Affect Your Finances!

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Not gonna lie: divorce isn't pretty. But sometimes, it's the right call. But whether or not it's in your future, we should all know what happens to a couple's finances if the day comes.
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Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson, AFC®
Directors: Katie Graham & Andrew Matthews
Written by: Marianne Hayes
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Dano Johnson
Fact checker: Yvonne McGreevy
Executive in Charge for PBS: Maribel Lopez
Associate Director of Programming for PBS: Niki Walker
Images by: Shutterstock
Music by: APM
Two Cents is produced by Spotzen for PBS

[@JaJaJonnn]

Moral of the story is.. don’t sign a contract with someone who benefits from breaking it

[@theweb3182]

Exactly

[@CaraMarie13]

A better moral would be get a prenup

[@grey5626]

@@CaraMarie13 some states (e.g. California) are "no fault" when it comes to divorce and pre-nups are no where close to being iron clad. When the odds are actually closer to 50/50 that a marriage will end in divorce these days, it's not something I would recommend to anyone. I learned the hard way, but there are far worse scenarios than anything described in this video regularly in court hearings that can drag on for decades. It's a recipe for disaster with a corrupt so-called "justice" system with predators who have it rigged to profit off of other humans miseries.

[@johnshafer7214]

It doesn't pay to get married.

[@MiguelRPD]

That's why you get a prenup lol

[@mdouglasinc]

My husband and I have our own bank accounts and split the mortgage/bills 50/50. We love it this way.

[@krng2712]

Me too!~

[@FTBASTAR]

It's the most stress free way to do it.

[@actuarylitten]

I agree with the couple's counseling idea. My wife and i have been going to one prior to even being engaged to help us communicate with each other more effectively. We go once a month unless we have something serious to work through then every 2 weeks. Also it provides for us a safe space to bring up anything and not feel a friend is being bias towards one or another if we were to have a friend mediate.

[@filipsperl]

Wow that sounds super healthy. Good tip

[@SamianHQuazi]

Every *month*?? You guys must have a ton of money!

[@robmckee5295]

@@SamianHQuazi They probably do have a ton of money since they watch this channel. And they would like to keep it that way.😉

[@TwoCentsPBS]

Love it!! We're HUGE fans of counseling. Glad to hear it's been so effective for you.

[@ez-g3090]

I wish you luck. In time she'll get tired of you and divorce you. You should start saving money aside in a hidden safe. At least she won't be able to take it in divorce.

[@alexiskaas907]

Not all of the Two Cents videos apply to me, this one I really hope doesn't apply later in lie. But, I watched it through to the end and gave a thumbs up because I love the quality of their videos and I love to see their content! This channel is truly looking to provide useful information to people, not grow a subscriber base as quickly as possible with reckless disregard for quality in order to do it. Way to go Two Cents, you rock!

[@777Skeptic]

I watch everything, even if I don't remember it a year later, I'll at least remember what key words to type if I ever need it again.

[@TwoCentsPBS]

Aww thank you so much!

[@nilnil8411]

A friend of mine recently caught his stay at home wife cheating with one of his neighbour, naturally things got heated. He kicked the neighbour out of his house along with his wife. Few hours later cops came in to arrest him, turns out his wife filed a false assault/rape charge against him. For an entire week he couldn't get a bail and had to stay behind bars on false charges while his wife and her paramour had a gala time at his own house. Weeks later he filed for divorce, in that divorce settlement he lost his house and a significant portion of his assets and had to pay alimony too. Now both his ex wife and her lover are living off his money and staying at his home while he's struggling to get back his job following the false charges against him. He's only glad he didn't had any children with her otherwise he would have lost his will to live. Moral: Don't sign contracts with people who benefit by breaking it.

[@dodji582]

That was brutal 😳

[@alanjacob4948]

Most of the time laws are brutal against men as compared to women. Watch any court trial about divorce, murder or false allegations, they favor women.

[@007_Sun_Tzu]

Would have been worth had he straight up shot that b!tch and dealt with the ahole later. The jury would have given him benefit of doubt and man slaughter would be the most he gets..world would have been better place.

[@ez-g3090]

@Vistorina Iipinge as long as he stays away from all these feminist nags.

[@SpongeBlaster]

Man... Should of had a prenup

[@MzShonuff123]

Thank you for such inclusive graphics. I see y’all 👏🏾👏🏾👏🏾

[@PaulHo]

My Two Cents is Petty Pennies with that JTT setup, and we love it!

[@mcbuzzvideo]

You two are funny, informative, and always on the money! I love this channel.

[@TwoCentsPBS]

Awww thank you so much!

[@raiyanahmed8427]

The lack of the moustache is killing me.

[@anupamdahal7029]

Could you make a video about Vangaurd target retirement?

[@102tatertot]

i havent watched yall in a while so his lack of mustache gave me a freakout moment due to the subject of the video lol

[@rodneyroque4129]

Might want to mention alimony not being taxable/deductible may not be allowed for federal but depending on your state you might have to report it -CPA/Financial Planner

[@SamianHQuazi]

Thanks for broaching this sensitive topic with good information! I liked it!

[@ThePeterDislikeShow]

Can you do a video on the discrimination against singles in our society?

[@Omer1996E.C]

1 out of 4? I think this is only in the US

[@TeamWalsh]

could have used this video two years ago thanks

[@G.K.Walker]

Johnnie Taylor made a couple of songs called "Cheaper To Keep Her" and "Who's Making Love" they are very interesting songs. 😂

[@levirynearson5800]

What about having a pre-nup in place? Do you guys have an recommendations on that, or do you have a video on it?

[@deficator750]

can you do a video about mortgage interest rates

[@hero2006]

Married twice, divorced twice and financially destroyed twice. Never again, it took me 12 years to payoff my debts. I'm financially independent today and looking to retire early. ALONE!

[@zwagig1761]

Good for you sir, you are a fighter, hope you live a better and happier life.

[@eddiecastro846]

Not 1¢ on 1¢ arguing! 😂 you guys literally make it 2 cents

[@goodlight4113]

Should of did this video right after they got rid of that old guy with the beard and traded to this new younger looking guy. /s :p

[@whichwasher2007]

I split up with my ex. And now I have money. I even have quality time with my kid.

[@ahmedhaddad94]

you thief

[@sostomc]

You got a Ryan Gosling. You did well

[@bickykhosla9850]

Would love a video on post nup and what happens with the terms if a divorce happens or if kids are added to the mix afterwards.

[@Sunflowers-Pumpkins]

What tax breaks do married people get? I haven’t seen any.

[@alexbecar977]

Being able to buy insurance policy on divorce would be game changer

[@0726Samson]

For someone who is staying celibacy, I am kinda having a field day to watch this lol

[@Asharra12]

So many comments about men who have it bad in divorce. Definitely happens but the reason you don't hear about it as mich the other way is because a lot of the women who would be in that situation are dead because they have been killed by their partners 🤷‍♀️ Both suck, but it's interesting how that's rarely mentioned, added to the fact the women usually jave very little in retirement but live longer and quietly suffer in later years because of it.

[@merrymachiavelli2041]

Er...While it is true that a high proportion of murders of women take place in domestic abuse situations, in absolute terms murder is still _extremally_ rare. In the UK, for example, in the three years between March 2018-March 2020 214 women were killed by a partner or ex-partner according to the Office of National Statistics, so that's about 71 a year. In 2019 there were 219,850 marriages, crudely, that's about 0.03%. The rate is broadly similar across most of the western world. Domestic abuse is underdiscussed, but only a very small proportion of women in unpleasant marriages are murdered.

[@ericbashir7275]

This cracked me up 😂😂😂

[@fredchomba3369]

Plus conflict resolution is much cheaper

[@jollama]

Imagine getting divorced

[@smithrr6]

I like the animation with the lesbian couple that both have student debt that they haven't paid off yet trying to stick the other lesbian wife with their own student debt. Men that are viewing this comment... DO NOT SIGN a marriage certificate if your bride to be has not fully paid off their student debt. This is a good rule to follow, don;t even bend this rule. If she gets mad, tell her to hurry up and pay it off if she wants that engagement ring. She will then either debt snowball herself, or dump you. Both options in this case are a win for you as a dude.

[@ninjanerdstudent6937]

Randy, lol.

[@brunomartel4639]

what about prenups?

[@mochaest1994]

great topic to cover and I love the playful banter.

[@alexkaidon8700]

How did I manage to subscribe to this channel 😅, I drink too much

[@TheForexApostle]

This is an important matter, helpful and unique content. Thanks Two Cents!

[@elgooges]

An unfortunate, but very relevant topic 😔

[@KelFabian718]

Bring the stash back…..

[@hafizgunawan4594]

Where is your moustache 😂😊

[@imp3r1alx]

Marriage is like a chain that make it harder for you to separate from your partner.. in a way that's good.. you don't want to break up the moment a single problem come to your relationship.. thus this so called chain can keep your marriage afloat by making divorce a big problem.. from the legal system to diving wealth.. etc.. but at the same time.. it make me wonder if it is better to withstood the pain and suffering ? (and hope for the best) while living in hell basically.. OR should you break up early thus minimize the damage to your mind and your heart ? at what point it's better to withstood the pain and at what point the couple should break up.. and what happen if the other don't want the break up ?

[@ilhamrj2599]

oh yeahh massively.

[@jimbolic0809]

You wanted JTT, but got Ryan Gosling instead. You married Ken!

[@hiteshadhikari]

Know thay divorce always (99.9%) kicks a man in nuts while the wife can often leech for not just kids but for her too. Lifetime alimony is a thing on top of what u lose as assets Men dont get married

[@whimsy-chan1188]

You can't get a pre-nup where I am, can only get a binding financial agreement and they're actually difficult to make "binding". With no agreement assuming no kids everyone keeps what assets/debt was theirs to begin with and any assets/debt accumulated in marriage are split 50/50 regardless of who did the earning/spending. The purpose of the agreement is to adjust the split of assest gained while married so only of benefit if a couples incomes are vastly different. Its difficult to make binding because its difficult to prove the weaker party did not sign under duress.

[@julietchu7008]

Love the humor!

[@misscocotl1069]

omg u r a lovely couple!💛

[@davidmilhouscarter8198]

0:03 You mean two out of five?

[@TheTimeForChange44]

I am glad you broke this down. Folks just don't understand how mediation can do wonders!

[@genesischandler9210]

I was scared they were getting divorced when i saw the title.

[@yousefashmeh1468]

I love you guys 💚

[@OscarHernandez-dj3yv]

Does a prenup solve all of this?

[@russellrhodes1468]

Moral of story, if you are a man, it is one of the more foolish things you can do; be married to someone who is incentivized to break said contract whenever they feel like it. The courts and lawyers all know each other, so they look to squeeze as much earned income from the household to continue to be able to support this large apparatus, which is the family law courts. Furthermore, the family court is designed for the man to pay the woman monies for children that he could also want to spend equal amounts of time with. Unlike most other courts, family law states you are not entitled to a lawyer, meaning if no monies is there for you to defend you stance on what actions you would see fit for your child(ren), unless you are a woman no counsel will be provided to you. In reality, children, women and pets are forgiven for all wrongdoing, whether the error be done premeditated or unconscious. Men are responsible for all of our past and present actions and are not forgiven. See. Fixed the dialogue for you. You're welcome!

[@RaushanKumar-dd9df]

Nooooo, the moustache , nooooooo ,

[@cindixgaming3557]

Im thinking it would be fine if my partner offered a prenup. I assume I don't need to offer it since I'm on the "incentivized side" what do guys you think? Have you ever had a prenup? I would love to hear some experiences.

[@AnilKumar-uj1qy]

One word "prenup"

[@windowguylol]

Six words: "prenups get thrown out in court"

[@dodji582]

@@windowguylol exactly 😂

[@lamaar8252]

I never been this early before! #LoveThisChannel

[@pigpjs]

Beware filing jointly if in a US State that requires a separation period before divorce can be granted. It can be seen as getting back together and restart the clock for separation time. Lawyers are expensive in the moment but can definitely save you money in the long run.

[@vannshuttleworth4738]

Where's the moustache?

[@Kenxclout]

I’ve been trying for years to divorce my hearing-impaired wife but she is so mad She refuses to sign anything

[@JavaT3700]

I love this channel, amazing educational value

[@robobrain10000]

Hahaha laughs in prenup.

[@hellhound3713]

How do prenups play in to this?

[@elvist2810]

Lol. you guys are so great!! This was so informative and funny. way to go guys. you should be famous.

[@wealthiness]

you can flip a coin to see if a divorce will happen, that's about the odds of it happening

[@shockfactor8637]

Omg I was going to marry JTT!!!!! I was so certain he would be my husband as well!!

[@timothygibney159]

Alimony temporary my ass 😡

[@barcapuyol5]

It is cheaper to keep her

[@Steve_Edberg]

Jonathan Taylor Thomas?? How young are you guys?? 😲🤣😂🤣

[@LLL124Original]

The voice is about the same but the face seems so different.

[@aland7236]

The remaining 6 of 10 marriages end in death so yeah.

[@rathnakuchipudi3835]

Cute couple,just now subscribed

[@Mudoh415]

Why does an individual get to maintain a similar standard of living that they didn’t create for themselves? I’ve never understood that.

[@jacobunofficial1146]

Because law is baised.

[@osmosisjones4912]

What about the Slaves standard of living. Being forced to work not getting to keep the pay .

[@07_sev52]

You mean capitalism?

[@UlexiteTVStoneLexite]

You mean your wife that you're forcing to make you a sandwich and are giving an allowance to??? If you don't want to worry about paying alimony and sure that you're actually treating your partner as an equal individual and don't financially abuse them.

[@williamp6437]

Is a business is simple best not to get married

[@danielshannon8831]

Surprised to see (new?) tats on you Phil. You should cover them for the videos as they were once a social marker. Not the look for financial advice. People dont care about self expression here I dont think

[@blessrob88]

Bring back the mustache

[@seasonsgreetings7191]

Woah when did Phil get tattoos

[@seasonsgreetings7191]

Lookin cool dude

[@qresmilanephraim2150]

CMON JONATHAN TAYLOR THOMAS!!😍🤣🤩

[@ke6944]

🤣 🤣 🤣, I bet a lot of MGTOW are watching this, to reinforce their beliefs.

[@RedLeader327]

Solution: don't get married.

[@Reezy884]

Bottom line: don’t get married

[@8aemi]

🥰

[@osmosisjones4912]

Why count what you just listed as child support

[@sirsweet3022]

Yeah. As a guy, there's less and less reasons for "Marriage"

[@feynstein1004]

You still need to pass on your genes though 😅

[@UlexiteTVStoneLexite]

@@feynstein1004 no you don't.

[@UlexiteTVStoneLexite]

Then don't get married. If you're looking at it like something you have to do then you're looking at it with all the wrong reasons and are bound to fail.. you're putting the cart before the horse dude

[@feynstein1004]

@Shinshocks Fair enough 😅

[@marquestanderson1388]

@@feynstein1004 Theres plenty of bastards out there. I think like that's more than half of people now of days

[@Nominal_GDP]

btw whos the guy with no mustache??

[@inamnaufer]

4/10 really?

[@airpodsmurf6175]

divorce.... ahahaha

[@Reezy884]

After seeing that intro….She for the streets bro.

[@penultimateh766]

The 4 in 10 thing is skewed by a few people who marry multiple times. Most PEOPLE, who get married to just one person, stay married.

[@Mr-Clark]

Cliffs Notes, divorce means men lose 99% of the time.

[@aaronepstein1289]

Jonathan Taylor Thomas ❤️😋

[@mzs114]

This is a known business for unscrupulous women in India, however things are slowly changing.

[@harls7317]

or just don't get married and be financially happy being single

[@clarebo]

That's what I did! Listening to my married friends, I think I made the right choice. None of them seem happy.

[@ma-tanica]

Hey, who stole the mustache??

[@TheTurdballs420]

She got the goldmine (She got the goldmine) I got the shaft (I got the shaft) They split it right down the middle And then they gave her the better half Well it all sounds sort o' funny But it hurts too much to laugh She got the goldmine And I got the shaft

[@fredchomba3369]

kzbin.info/www/bejne/pZmmnauDorN_h7M this is the trailer that's more cinematic

[@reb7855]

Divorce is for the weak

[@danthesquirrel]

Seen in dating profiles never: “You have to be strong enough to hang in there in a fight with me, cause there’s going to be lots of them”.

[@AlexS-oj8qf]

I haven’t been here for a while and the moustache is gone?? 🥲