Divorce: Financial Planning Considerations with Sharon Calhoun
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Navigating Emotions and Making Financial Planning Decisions
This week's podcast discusses divorce's emotional and financial complexities. It features personal insights from Vector's Scott Rose and expert advice from managing director Sharon Calhoun, a Certified Divorce Financial Analyst (CDFA).
Listen in to gain a deeper understanding of asset division, spousal support, and the importance of building a professional team early in the process. Sharon explains why financial assets like IRAs and brokerage accounts should be treated differently in settlements. Scott and Sharon tackle financial planning topics that should be considered before signing a divorce agreement.
Whether you're considering divorce, in the midst of one, or know someone who is, this podcast is for you. This episode will help you think about financial planning through the frame of this not-uncommon life transition.
Episode Chapters
1. Introduction to Divorce and Financial Planning
Scott introduces Sharon and explains the focus of the discussion: divorce, its emotional toll, and financial considerations.
00:02
2. Understanding the Role of a Certified Divorce Financial Analyst (CDFA)
Sharon explains the importance of the CDFA designation and the role of professionals in divorce financial planning.
01:30
3. The Emotional Impact of Divorce
Sharon highlights the emotional challenges of divorce and the importance of self-care during this transition.
02:08
4. Scott's Personal Divorce Journey
Scott shares his experience going through a collaborative divorce after 26 years of marriage, offering personal insights into the process.
03:43
5. Managing Emotional Ups and Downs
Sharon emphasizes the importance of allowing yourself to feel a range of emotions during a divorce and stresses the need for self-care during the process.
06:07
6. Asset Division and Financial Complexity
Sharon explains how assets are divided during divorce, with attention to tax implications and long-term planning.
07:16
7. The Critical Differences in Asset Types
Sharon explains how different types of assets—such as IRAs and brokerage accounts—can impact financial outcomes in divorce settlements due to tax implications.
09:22
8. Gathering Financial Documents and Building a Team
Sharon and Scott emphasize the need for organizing financial records and assembling a team of professionals early in the divorce process.
12:04
9. Addressing Spousal and Child Support
The discussion turns to the complexities of spousal and child support, including earning potential and state laws.
21:29
10. Mediation and Collaborative Approaches to Divorce
Sharon and Scott explore alternatives to litigation, such as mediation, and how collaboration may make the process simpler.
25:00
11. Wrapping Up: Support and Next Steps with Vector
Scott and Sharon discuss how Vector Wealth's team can provide emotional and financial planning support during the divorce process and explain how clients and prospective clients can get started with a consultation.
27:21
These discussions aim to spark dialogue about enhancing retirement readiness and making more informed financial decisions. At Vector, we delve into the nuances of scenario planning, offer insights and guidance tailored to each client's unique circumstances. If you or someone you know is pondering their financial future or seeking clarity on their retirement plan, we're here to help.
This discussion is with Vector’s Sharon Calhoun and Scott Rose.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
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