It is important to understand how to split shared assets in the most suitable, future-considering, and financially savvy way. Austyn Garcia, a financial and investment advisor with Denver Wealth Management, uses hypothetical divorcees, Eric and Melanie, to explain how people should manage their finances during a divorce. 

Austyn explores the different assets to consider during a divorce (real estate, savings, and non-savings accounts) and then focuses on how to manage said money post-divorce. Austyn explains the importance of using individualized investment strategies, why you need to understand dollar-cost averaging versus the lump-sum approach, and how to get comfortable with market trends. From managing IRAs to 401(k)s and the tax implications when splitting joint accounts, Austyn covers it all!

Key Points From This Episode:

• A look at Austyn’s background.
• A brief introduction to hypothetical divorcees, Eric and Melanie.
• How Austyn would advise Melanie to manage to split their joint accounts.
• The long-term implication of splitting and keeping certain accounts.
• The different accounts a divorcing couple might split.
• The effects of when you pay income tax. 
• How Eric and Melanie would individually pay tax when splitting a 401(k).
• Why real estate is mistaken for a desirable ‘win’ in a divorce.
• Behavioral economics: how it can affect your divorce.
• Why a client should use an investment advisor.
• What is dollar-cost averaging?
• The lump-sum approach versus dollar-cost averaging.
• Why you need to understand trends in the market.
• Understanding the goal for your money.
• How your age/life period affects your financial needs and wants.  

What is Divorce at Altitude?

Ryan Kalamaya and Amy Goscha provide tips and recommendations on issues related to divorce, separation, and co-parenting in Colorado. Ryan and Amy are the founding partners of an innovative and ambitious law firm, Kalamaya | Goscha, that pushes the boundaries to discover new frontiers in family law, personal injuries, and criminal defense in Colorado.

To subscribe to Divorce at Altitude, click here and select your favorite podcast player. To subscribe to Kalamaya | Goscha's YouTube channel where many of the episodes will be posted as videos, click here. If you have additional questions or would like to speak to one of our attorneys, give us a call at 970-429-5784 or email us at [email protected].

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DISCLAIMER: THE COMMENTARY AND OPINIONS ON THIS PODCAST IS FOR ENTERTAINMENT AND INFORMATIONAL PURPOSES AND NOT FOR THE PURPOSE OF PROVIDING LEGAL ADVICE. CONTACT AN ATTORNEY IN YOUR STATE OR AREA TO OBTAIN LEGAL ADVICE ON ANY OF THESE ISSUES.