Suze Orman: Financial Advice For Divorcees

Suze Orman doesn't sugarcoat anything. When it comes to money advice, Oprah's favorite financial guru tells it like it is, and if you're getting divorced (or even thinking about it) -- you better listen up.

Orman stopped by our offices recently to share some much-needed advice for splitting couples. Among her main "don'ts": "Don't leave your name on any debt," "Do not get a divorce prior to that 10-year mark," and "Do not stay together just because of money."

The best-selling author first appeared on "The Oprah Winfrey Show" in January 1998. Her new show, "America's Money Class with Suze Orman," premiered Monday, January 9 on OWN.

Comments

[goldsilver50]

05:29 PM on 01/12/2012

Wheather the allegations are true or not has no bearing on Ms. Orman's ability to give financial advise if she is qualified to do so. Although I don't embrace the Lesbian or Homosexual lifestyle and I believe it to be morally wrong. I find Ms. Orman informatative. Continue on Ms. Orman.

[johntykie]

04:16 PM on 01/12/2012

Suzy who?

[Janet Gysi]

03:45 PM on 01/12/2012

Avoid post divorce financial problems? Both spouses need to know what is going on with the finances. It is a rude surprise to find your credit scores trashed because the person you trusted didn't pay the mortgage on time or gambled away his/her paycheck or ran up credit card bills (on cards you didn't know your name was on) or whatever. Keep track of retirement accounts, also. Make sure you see the actual paperwork, not just the tax deduction they listed on your 1040. Make a budget together and keep track of expenses. Have shared goals and work together. That being said... be ready to support yourself by having a skill or education and be ready to work hard to rebuild. As much as we would all like to be able to trust the person we fell in love with, sometimes they can abuse that love and trust... and you are left with the fallout.

[Vimala Nowlis]

03:24 PM on 01/12/2012

Don't get a divorce until you are married for 10 years? Ridiculous advice. If you make more money, it means you have to pay "life-time" spousal support to your ex.
Don't stay together for the money? Equally ridiculous. As long as you are married, the spouse has an "absolute duty" to support each other. We stay in our jobs for money.
The worse reason for an unhappy couple to stay together is "for the children". Unhappy home is very damaging to the kids. Separate happy homes are much better for them. Besides, what message are you sending your children? 1. They are so important that everyone must sacrafice their lives for them. They then grow up to be selfish and self-centered jerks. Or, 2, They must follow their parents' example and sacrafice their lives for their children thus perpetuate several generations of unhappy people and unhappy families.
Everyone in their divorce claims they love their children and will do anything for them. Lies! It's all about money. So, before you take action, plan ahead. Make a financial record and take 50% of everything you can remove to set up in your sole/separate account. Get the equity and value on anything you cannot remove without a court order.

[stevenpauljones]

03:06 PM on 01/12/2012

For women to turn to Suze Orman for advice on divorce is like men turning to Andrew Dice Clay or Perez Hilton. It makes no sense.

[4thefree]

02:41 PM on 01/12/2012

Why are there no "Reply" options under any of these comments? Am I the only one experiencing this problem?

[Vimala Nowlis]

03:25 PM on 01/12/2012

Yes, there are "reply" options.

[4thefree]

05:57 PM on 01/12/2012

The only thing that is actually visible is: Favorite (0) and Flag as Abusive
However left of Favorite; there is just a blank space. I did click on that blank space and it allowed me to respond. The word "reply," however, is not visible as it has been in the past.

[bribabylk]

02:00 PM on 01/12/2012

My bro-in-law is also a financial advisor, and he pretty much agrees with Ms. Orman's advice. Even in the "good ol' days", alimony was only an issue in very few divorces, namely for those couples with lots and lots of money and assets. This cultural meme that's taken hold of most women getting alimony in a divorce settlement is fiction. Most women work outside of the home now; they have financial assets at stake as well. And I think this idea that covering yourself in case of the worst happening is having one foot out the door and CAUSES the high divorce rate is hogwash. More likely it's the other way around; the high divorce rate has given birth to this wisdom of keeping some money set aside for yourself, after a lot of people, mainly women, got caught flat-footed after a divorce with no income, little to no work experience outside the home, and no personal, individual credit history.

[vbdyman37]

01:57 PM on 01/12/2012

Your thought pattern makes me ill... Someone please make these IDIOTS!!! go away.

Thank You lol

[want2say]

02:11 PM on 01/12/2012

i guess if you are very close to the ten year mark, hold on a little longer for the better turn out in the long run. (whoever makes the most is the payer, no more male to female exclusives). IF you are far enuf away from ten years, don't stick around, the pain ain't worth it if you got years to go!!! Peace.

[waterfowler1947]

01:43 PM on 01/12/2012

Hi Suzi, Here's one for you: Does the guy stand a chance in a divorce settlement even if his wife is a nut case? This broad has control freak syndrome so BIG TIME that the husband does everything she demands just to keep peace in the household. And, you know that not all mental freaks and misfits are in mental instutions, There are a lot of them walking the streets, and they breed and they vote. The only winners in this disfuntional activity are the attornies ... as usual.

[DogsRule1]

01:40 PM on 01/12/2012

she is a 1 percenter

[goldsilver50]

01:36 PM on 01/12/2012

Somehow I don't believe the allegation that she is an Lesbian ( which I don't agree with the lifestyle and it's choice to be ) has anything to do with her ability to be intelligent or, the ability to give financial advise. I wouldn't care if she was an alligator, if it could talk and had a advanced degree and knowledge I would line up in it's office for advice.

[rbmckinney]

05:13 PM on 01/12/2012

Whatever point you are trying to make is simply destroyed by your comment: " I don't believe the allegation that she is an Lesbian ( which I don't agree with the lifestyle and it's choice to be )." Your lack of intelligence was betrayed at the beginning.

[Mild Bill]

01:30 PM on 01/12/2012

Should have been:

1. Don't get married to improve your financial situation. (Everything is bound to end in divorce)

2. Get married because you both love each other more then anything else in the world and you
want to have children and a strong moral family where your children are loved as much as your
spouse.

3. Don't have sexual relations before marriage. Save that very special moment for the wedding
night. Be in the state of grace when you finally consumate your marriage.

4. Don't ever plan on getting divorced ( if this even enters your mind, don't get married period.)

5. Work on putting everything you can into your marriage instead of seeing what you can get out
of your marriage. When you do this, your marriage will grow and neither will fail.

6. Make sure God is a big part of your family. Give to God first and he will keep giving to you.

[bribabylk]

01:42 PM on 01/12/2012

Lots and lots of people followed all of these ideas and still their marriages ended in divorce. Nicely expressed, though.

[Mild Bill]

06:17 AM on 01/13/2012

The key point is that marriage is not easy. It is a commitment. It is a way of life and it must be taken seriously. It must be done with the utmost care and with knowing what all it involves.
It would help to have classes thought on the seriousness of marriage in high school.

[Janet Gysi]

03:51 PM on 01/12/2012

Sounds ideal.. if both parties are on board with it. We live in a disposable society where even the people in our lives can be thrown out quite easily. It is wise to know that marriage and especially having a family/house/pets/etc takes a ton of work. Don't get involved in something you have no desire to do the work to maintain. Your needs and wants as an individual take a backseat to the family, specifically once children are on the scene.

[Mild Bill]

06:30 AM on 01/13/2012

You know, priests have to go to many years of seminary school to become a priest. During that time, they have many times to think about what kind of life they are committing to. They are entering a marriage with Christ. They learn about the sacrafices they will have to make and the hardships they will have to suffer to be good priests. They also learn about all the blessings they will be receiving.

Our young people wanting to enter into marriage need to do the same thing as priests do. They must study marriage and all the sacrafices they must make in order to receive all the blessings a good marriage can product.

As far as I know there are no class requirements on marriage. I think there ought to be a two or three year course requirement before obtaining a marriage license. Society in general would benefit. Children would benefit and they would be more likely to be come better parents themselves.

[elucide]

01:28 PM on 01/12/2012

The problem with Suze Orman giving relationship advice goes way beyond her lack of credentials or her sexual orientation. Here's some more info that might be helpful to people taking her advice on these (and other) matters: http://www.amodernquest.com/suzeorman.html

[Nas9204]

01:21 PM on 01/12/2012

Thesewomen that marry the rich basketball players PLAN this even before they get married.Ohhhhhh i;ll marry a rich basket ball palyer then divorce him after 10 years and get big chunk of money .You cant tell me they dont PLAN IT.