Yvonne Bynoe

Recently, I (Deesha) had the opportunity to interview Yvonne Bynoe, entrepreneurial coach and founder of SoulfulAffluence.com. Talking with Yvonne is like talking to a good girlfriend…who just so happens to be financially savvy, smart, and inspiring.  Our conversation was about how divorced and divorcing moms can use entrepreneurship as a post-divorce strategy.  Read on for Yvonne’s advice on rebounding financially after divorce, the 3 biggest money mistakes women make, and why she’s leery of the work/family life balance question for women. And don’t miss the complimentary training course from Yvonne designed to help women transform their lives and  their incomes.

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Divorce can put a woman into emotional, mental, and financial free-fall. What advice do you have with regard to rebuilding financial independence and stability for women who are contemplating divorce or who are already in the process of divorce.

If a woman is contemplating divorce I suggest that she get some insight as to what her financial life may look like after her divorce. In order to do this she needs a 360 degree picture of her family’s finances. Aside from her own accounts, she needs to know her husband’s income, bonuses, bank accounts, investments, and debt. Additionally she should obtain detailed information about all marital assets and liabilities.

I’d also suggest that she take appropriate steps to make sure that her husband can’t unilaterally sell, mortgage or liquidate any marital asset. I would advise her to track her household’s expenses for several months, including child-related costs so that she’s clear about how much money is actually needed to maintain her family. I strongly suggest that she contact a lawyer in her state to learn about the laws governing distribution of marital property, child support and spousal support. Some lawyers do free or low-cost consultations. (Don’t scrimp, a $200 legal consultation could net you thousands down the line)

Lastly, I’d suggest that she save as much money as she can and make preparations to earn a living that can support her and her children.If a woman is already in the divorce process, it may be more difficult for her to obtain relevant financial information on her estranged husband. If the proceedings are fairly advanced, I’d suggest that she focus on devising a realistic financial plan for her and her children. She needs to ensure that she and her children can live comfortably EVEN if her ex-husband fails to pay court ordered child support and/or spousal support.  To do this, the woman may need to sell assets, downsize her household home or earn substantially more income. For many women, entrepreneurship is the faster route to financial independence.