FYR013: Divorce: Financial Planning Considerations with Sharon Calhoun
Episode description
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.
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Visit our divorce resource page (vectorwealth.com/divorce) for more information about financial planning before, during, and after a divorce.
Episode Chapters and Discussion Start Times:
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
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