THE FINANCIAL COMMUTE
Hosted by Wealth Advisor Chris Galeski, THE FINANCIAL COMMUTE is a weekly podcast that gives the rundown on what's going on in the current market, how it affects you, and what you can do about it – all designed to fit into your commute. Each week Chris welcomes an expert guest, including Morton Wealth advisors, fund managers, and investment analysts, to break down complex financial topics. Our goal for this podcast is to provide you with the tools to help you navigate this challenging environment, leading to a path of more confident investing.
THE FINANCIAL COMMUTE
A Financial Guide to Divorce: Tips from an Advisor
On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Jenn Caruso to discuss how to financially prepare for a divorce and how a Certified Divorce Financial Analyst (CDFA) can help.
Here are some key takeaways from their conversation:
- As a CDFA herself, Jenn explains that CDFAs can help clients understand the complex nuances of financial impact before, during and after a divorce.
- Before the divorce process actually begins, it is best to get organized, locate important documents and assess one’s financial situation.
- Jenn emphasizes the importance of cash flow planning and modeling different settlement options to ensure long-term financial stability.
- It is helpful to have an objective party involved like a CDFA, as they can mitigate the risk of making emotional decisions which can potentially lead to mistakes.
- After the divorce, Jenn suggests reviewing and updating estate documents, insurance policies and financial plans.
- Alimony is no longer tax-deductible or considered taxable income for divorces finalized after 2019, except in California where certain exceptions apply.
- A frequent mistake people make is wanting to keep the family home purely because of sentimental reasons, when it may not be financially sustainable.