The Real Cost of Divorce — And Why You Don’t Have to Face It Alone

Link to YouTube – https://youtu.be/Ppme0nNqnsY
Link to BuzzSprout – https://www.buzzsprout.com/2136084/episodes/18584458

Episode 110: The Real Cost of Divorce — And Why You Don’t Have to Face It Alone
(The Financial Side of Divorce—Because Someone Has to Talk About It)

Divorce carries costs far beyond legal fees and spreadsheets. In this episode, we talk openly about the emotional and financial weight people carry—but rarely say out loud—after a major life transition. From the fear of “Is it too late for me?” to the quiet shame of “I don’t even know what I’m entitled to,” this conversation is designed to normalize uncertainty and offer reassurance to anyone feeling overwhelmed, behind, or unsure where to begin.

Our advisors share what they see every day: how common it is for one spouse to have handled the finances, why that’s nothing to be ashamed of, and how rebuilding doesn’t start with knowing everything—it starts with having a calm, trusted guide. This episode is about slowing decisions down, creating clarity without panic, and helping people move from fear to confidence, one step at a time. Because rebuilding after divorce isn’t about perfection—it’s about support, perspective, and peace.

Resources & Next Steps

• Download our divorce planning checklist/guide
• Schedule a conversation with Joe, who has guided countless individuals through the financial side of divorce
• Additional support for women navigating divorce:

You don’t have to do this alone—and you don’t have to have it all figured out to take the first step.

 Like, subscribe, and leave us a review if this resonated with you!

Enjoy the episode?
Subscribe, share it, and leave us a review on Apple,  Spotify, or Buzzsprout!

Like, subscribe, and leave us a review on YouTube if this resonated with you!

For personalized financial guidance, schedule an intro call with our team at Goodwin Investment Advisory in Woodstock, Georgia. Our CFP® professionals can provide advice and help you navigate how to invest your wealth and plan for your retirement. We’d love to help you live out your legacy! To learn more about the benefits and services we offer click here.

Goodwin Investment Advisory is an SEC-registered investment adviser (CRD #131193), and this episode is produced by evanced.net. This podcast is for informational purposes only and is not investment advice or a recommendation to buy or sell any financial products, securities, digital assets, or other investments. It should not be used as the basis for any financial decisions. The host and/or guests may personally hold investments mentioned in this episode. All investments involve risk, and past performance does not guarantee future results. Please consult with a qualified financial adviser, tax professional, and attorney before taking action on any information shared.

​​The following transcript of the podcast audio was software-generated, and not reviewed for accuracy. Therefore, the transcript below should not be used without verifying the validity and accuracy of its content. Please contact Goodwin Investment Advisory with any questions.

🎙️ Money PIG Podcast — Episode 110

The real cost of divorce and why you don’t have to face it alone

Tim Goodwin:
Welcome to the Money Pig Podcast, presented by Goodwin Investment Advisory, where our mission is to lead you to financial peace, independence, and generosity. I’m your host, Tim Goodwin, and welcome back to the Money Pig Podcast. We’re so glad you’re here.

Today I have my special guest, who’s no longer just a guest but is now our official co-host — the one, the only, Joseph Beckford IV.

Joe Beckford:
How you doing there, Tim?

Tim Goodwin:
Fantastic. It’s so formal. So formal.

Joe Beckford:
My whole name! I didn’t even get the middle name.

Tim Goodwin:
No, no — that’s like two truths and a lie.

Joe Beckford:
Oh, is it? You’ve got to hang on to that one.

Tim Goodwin:
Well, just so the listeners know, I officially asked Joe to be my co-host. I even brought flowers this morning and asked, “Will you please be my co-host moving forward?” It wasn’t weird at all.

Joe Beckford:
What’s great is it’s you and Mary Ellen’s anniversary today, so maybe she can enjoy those flowers on your anniversary.

Tim Goodwin:
That’s right. What’s happening good for you today?

Joe Beckford:
Well, it’s our anniversary, and one of our staff members, Kobe, it’s his birthday today too.

Tim Goodwin:
That’s right — two for one.

Joe Beckford:
And it’s Elvis’s birthday.

Tim Goodwin:
I didn’t know that!

Joe Beckford:
One way to remember your wedding anniversary.

Tim Goodwin:
That’s fantastic.

Joe Beckford:
What’s happening good for me is our small group from church got back together after a break, and it’s just good for the soul. Great conversations. Really meaningful.

Tim Goodwin:
That’s awesome.

The real cost of divorce

Tim Goodwin:
Today we’re talking about a tough but very real topic — the real cost of divorce and why you don’t have to face it alone. Unfortunately, as a firm and as advisors, we have a lot of experience here.

Usually, by the time people come to us, the decision has already been made. They’re not asking should we get divorced — they’re asking, what now?

Full disclosure, Joe and I are still married to our first wives, and that’s the plan. But we’ve walked alongside many people through this process.

We also have a divorce checklist available for free on our website. We’re not going to go through it today — that would be overwhelming — but it’s there as a resource.

So let me ask you this, Joe. When people think about the cost of divorce, what are the financial and emotional costs that hurt the most but don’t get talked about enough?

Joe Beckford:
A lot of people ask, “How much does divorce cost?” You’ve probably heard the phrase, “Marriage is grand, but divorce is fifty grand.” That number usually refers to legal fees.

But the real financial cost is typically dividing assets — often half of the couple’s net worth.

Beyond that, there’s the emotional cost. People are often recalculating their identity. Going from married to single, maybe from homemaker to reentering the workforce. It’s similar to retirement — you’re not just retiring from something, you’re figuring out what you’re retiring to.

Another major cost is decision fatigue. There are so many decisions, and it feels like they all have to happen at once. It can feel like an avalanche.

That’s why a checklist can be so helpful — not to do everything at once, but to work through it as you have capacity.

Tim Goodwin:
That’s really well said.

Divorce as a grief process

Joe Beckford:
We’re not marriage counselors, but I often liken divorce to grief. It’s the loss of a season. And it’s important to give yourself permission to grieve.

You don’t have to make every decision right away. Having someone help you identify what’s urgent and what can wait makes a huge difference.

Tim Goodwin:
That resonates. I’ll share something personal. This past year, I lost a long-term friendship. I went to counseling over it, and my counselor helped me see that season as a gift. Just because something ends doesn’t mean it wasn’t meaningful.

That perspective applies here too. Divorce can be a chapter, not the whole story.

“My spouse handled the money”

Tim Goodwin:
Joe, how common is it for someone to say, “My spouse handled the money”?

Joe Beckford:
It would be uncommon if I didn’t hear that.

In most marriages, there’s a financial spouse and a non-financial spouse. Not because one is incapable, but because one enjoys it and the other doesn’t.

When that relationship ends, the person who wasn’t involved often feels shame. I tell them to stop. Ignorance doesn’t mean stupidity — it just means you haven’t been exposed to it yet.

We come alongside people, educate them, and remind them: you can do this.

Tim Goodwin:
It’s just a new season.

Why guidance matters

Tim Goodwin:
Why is having a calm guide so important during divorce?

Joe Beckford:
Because it’s new, it’s scary, and there are too many decisions. People get paralyzed.

A guide helps slow things down, prioritize what truly needs attention now, and reassure people that it’s going to be okay. Most decisions don’t have to be made immediately.

Practical considerations people miss

Tim Goodwin:
For example, many people don’t realize that retirement accounts like 401(k)s and IRAs can be divided through a court order called a QDRO.

Joe Beckford:
Exactly. Pensions, life insurance, Social Security benefits — if you were married at least ten years, you may still be entitled to spousal Social Security benefits, and it doesn’t penalize the ex-spouse.

That’s why collaboration between attorneys and financial advisors is so important.

Encouragement for those considering divorce

Tim Goodwin:
If someone is thinking about divorce and listening today, what would you tell them?

Joe Beckford:
If you can stay civil and amicable, it will save you a lot in legal fees. Focus on what’s equitable, not “fair.” Equity doesn’t always mean splitting every account or selling the house.

If you can lower the temperature and compromise, everyone usually ends up better financially.

Gratitude and closing

Tim Goodwin:
I’m grateful that we can be a safe place for people going through this. Even if someone only downloads our checklist and we never meet them, at least they’re not alone.

Joe Beckford:
I’m grateful for the upgrade to co-host — and the flowers. It’s been a while since I received flowers.

Tim Goodwin:
Thanks for listening, and we’ll see you next time.

Compliance Disclosure

Goodwin Investment Advisory is an SEC registered investment advisory. CRD number 131193. This episode is for informational purposes only and is not investment advice. Please consult with a qualified financial advisor, tax professional, and attorney before taking action.

The Money PIG podcast is hosted by Reid Trego. Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

For personalized financial guidance, schedule an schedule an intro call with our team at Goodwin Investment Advisory in Canton, GA . Our CFP® professionals can provide advice and help you navigate how to invest your wealth and plan for your retirement. We’d love to help you live out your legacy!

Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.