In our very first episode with a guest, we talk about all things divorce-related with attorney Blake Van Zile. Scroll down to listen! We loved talking about divorce so much that we had to break this one into two parts. In this first part, we focus on some basics of divorce, child support and alimony, and prenuptial agreements. In the second part, we talk about some surprising things that come up in divorces, the affect of divorce on businesses, and what to look for in an attorney. As well as a few funny anecdotes to break up the divorce-talk tension.
What is the main goal in a divorce? Trying to find a fair and equitable way to end a marriage. This doesn’t mean you are going to get everything you want.
How do you prepare for a divorce? Talk to an attorney before making any moves and know what your finances really look like before filing if possible. Everything can be much harder to track down after you are in a divorce proceeding.
Child support and alimony payments. Laws vary from state to state, but generally income is a big driver in child support and alimony calculations. The duration of a marriage can impact alimony calculations as well.
The pre-nup. If you have any significant assets, a pre-nup can be very advantageous for documenting what each partner is bringing into a marriage. A pre-nup that is unreasonable may not hold up in court.
Unexpected things in divorce. If you agree that one spouse can stay in the home, make sure that it is feasible financially. One party may need to secure life insurance if they are responsible for child support or alimony.
Businesses in divorce. If one or both spouses are business owners, decisions regarding the business often need to go through attorneys. Often even a non-working spouse may have an interest in the business.
What do you look for in an attorney? Someone you can talk to about everything – even the things that you said or did when very upset. You need to trust them enough to be honest with them.
Tips of the Day (we couldn’t do just one!):
Get your facts straight.
Keep your receipts!
Pets are not kids. They are property.
When going through a divorce, revisit your estate plan to ensure that if something happens, your assets are distributed the way that you want them to be.
Huge thank you to our guest, Blake Van Zile. Look her up on LinkedIn if you get a chance: @BlakeVanZile
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
FINRA/SIPC. Finity Group and Cambridge are not affiliated