Wealthy After Divorce

Are you recently or soon-to-be divorced? As a CERTIFIED FINANCIAL PLANNER® professional and Certified Divorce Financial Analyst®,  Melissa Joy specializes in post-divorce financial planning and wealth management. She is the founder of Pearl Planning, podcast host of 52 Pearls: Weekly Money Wisdom and has over 20 years industry experience.  In this episode, Melissa Joy and host Melissa Fradenburg CDFA® discuss important year end financial planning for recently divorced individuals. Learn what to review when it comes to taxes, investments, and   cash reserves and how to organize your financial "to-do's" and set intentions going into the new year. 

Resources:

• Find out more about Melissa Joy, CFP® 
• Listen to Episode 140: Making the Most of Your Employee Benefits with Melissa Joy.
• Listen to Episode 11: Keeping Halloween Sweet for Divorced Families with Brett Sherman.
• Watch the REPLAY of Pearl Planning Year End Planning Webinar for 2022. 
• Find out how Pearl Planning assists post-divorce clients transition to a successful and purposeful post-divorce life. 

Links are being provided for information purposes only. We do not suggest that listening to this podcast will make you wealthy. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax or legal position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.

Fall and early winter is a special time of year for children in the Midwest. Apple orchards, pumpkin patches, Halloween, Thanksgiving and Christmas/Hannukkah  are exciting! For divorced families who are settling into their new normal, holidays also have the potential to generate anxiety for children.  In this episode, Jacqueline Roessler, CDFA® invites psychotherapist Brett Sherman to share simple (but profound) pro-active strategies divorced families can implement right away to keep Halloween (and any other holiday) fun and enjoyable for their children. Brett specializes in working with children and adolescents and also works as a parenting coordinator/coach for divorced and divorcing families. 

We will discuss:

• The importance of advance planning with your co-parent
• Understanding that holidays intensify emotions for children
• Should families continue celebrating together or should they create new separate traditions with children?
• Setting firm boundaries with extended family
   

Resources:

• Find out more about Brett Sherman HERE
• Contact Brett Sherman HERE
• Find out how Pearl Planning assists post-divorce clients transition to a successful and purposeful post-divorce life. https://pearlplan.com/financial-planning-services/financial-planning/
• Learn more about tools for co-parenting with Our Family Wizard HERE

Links are being provided for information purposes only. We do not suggest that listening to this podcast will make you wealthy. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax or legal position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.

In this episode, Jacqueline Roessler, CDFA® and renowned financial planning visionary, author, speaker and founder of the “Sudden Money Institute”, Susan Bradley discuss recognizing and respecting the stages of trauma when working with divorcing and divorced clients. Even though the world thinks clients should be “over” their divorce within the first year, divorce financial planners know that the transition to a happy new “normal” can take years versus months to achieve. Susan provides practical tips for making the working relationship between divorce clients and their advisors (legal and financial) more effective and productive along the road of the divorce transition. Susan is seen and heard frequently in the national media, including NBC’s Nightly News, CNN, NPR, The Wall Street Journal and The New York Times.

We will discuss:

• The stages of divorce
• Settlement Stage: occurs during the divorce process
• Ending Stage: handling all the new financial aspects that need to be addressed after the divorce
• Passage Stage: A critical time of adapting/adjusting and rethinking what you really want - can last 3-5 years. 
• New Normal
• How to make financial decisions during all stages of transition

Resources:

• Find out more about the Sudden Money Institute  HERE
• Watch Susan Bradley’s TEDX talk HERE
• Susan Bradley’s groundbreaking 2001 book  “Sudden Money’ can be purchased here: Purchase Sudden Money on Amazon
• Susan Bradley’s new book, “Shaping Change: How To Respond When Life Disrupts Your Retirement Plan” can be purchased here “Find Susan's New Book Here
• Find out how Pearl Planning assists post-divorce clients transition to a successful and purposeful post-divorce life. https://pearlplan.com/financial-planning-services/financial-planning/

Links are being provided for information purposes only. We do not suggest that listening to this podcast will make you wealthy. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax or legal position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.

In this episode, Jacqueline Roessler, CDFA®  and trust and estate planning attorney Kristen Gross discuss why it’s critical to get your estate in order as soon as the divorce is final. In this truly eye-opening episode, Kristen explains issues that can arise when estate planning is delayed after the divorce. Kristen also shares important information about pre-nuptial agreements used to preserve wealth after a divorce and how to keep separate money truly separate when you get remarried.  

We will discuss:

• The importance of updating all beneficiary designations after a divorce
• The importance of finalizing title changes on real estate transfers before death of either party
• Addressing minor children’s needs after the divorce within your estate plan
• How to find the right estate planning attorney for your needs
• Pre-nuptial contracts to preserve post-divorce wealth
   

Resources:

• Find out more about Kristen Gross HERE
• Contact Kristen Gross - [email protected]
• Find out how Pearl Planning assists post-divorce clients transition to a successful and purposeful post-divorce life HERE.
• Read, Is Time Running out on Getting Your Qualified Domestic Relations Order?

Links are being provided for information purposes only. We do not suggest that listening to this podcast will make you wealthy. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax or legal position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.

When a divorcing couple decides it’s time to sell their home, is it better to sell while the divorce is pending or after it’s final? What are current market conditions like for sellers in Michigan? How do realtors help mitigate conflicts that arise when they’re working as a neutral agent party for both clients? Jacki interviews realtor Jolene Jacobs of Jacobs Group Realty in Royal Oak, Michigan to get her expert opinion on these topics and more. 

You Will Learn: 

• What should sellers expect in the Michigan housing market today?
• Reasons to sell your home while the divorce is still pending
• Does it matter if you use a realtor who is used to working with divorcing clients?

Resources:

• Reach out to Jolene at https://www.jacobsgrouprealty.com/
• Email Jolene [email protected]
• Contact Jolene Jacobs at (248) 212-7493 Good Company/130 W. 5th Street, Royal Oak, MI 48067
• Book an appointment with Jacki Roessler to discuss pros and cons of keeping the marital home.

Links are being provided for information purposes only. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax matters. You should discuss any tax matters with the appropriate professional. Historical performance results for investment indices, benchmarks, and/or categories have been provided for general informational/comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results.  It should not be assumed that your Pearl Planning account holdings correspond directly to any comparative indices or categories. Please Also Note: (1) performance results do not reflect the impact of taxes; (2) comparative benchmarks/indices may be more or less volatile than your Pearl Planning accounts; and, (3) a description of each comparative benchmark/index is available upon request.

In this episode, Melissa Fradenburg, CDFA and Jamie Wilkerson CPA, discuss the common tax issues and considerations in divorce. With over 20 years of experience as a CPA and experience going through her own divorce, Jamie knows there are a lot of financial changes through the process. While it can be daunting to face these changes, especially if you were not the one filing taxes in your marriage, our goal in this episode is to break down the main issues you should address if going through or recently divorced.

We will discuss:
·         How to determine your filing status?
·         When do you get to claim children as dependents?
·         What tax credits might you be eligible to get?
·         How is spousal support taxed?

Resources:
·         Find out more about Jamie HERE.
·         Contact Jamie Wilkerson HERE.
·         Find out how Pearl Planning can help in the divorce process HERE.
·         Read, Is Time Running out on Getting Your Qualified Domestic Relations Order?

Links are being provided for information purposes only. We do not suggest that listening to this podcast will make you wealthy. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax matters. You should discuss any tax matters with the appropriate professional.

The divorce is final and you’ve decided on your temporary (and maybe long-term) housing plan. Life Coach and Professional Organizer, Amelia Pleasant Kennedy shares some of her most valuable tips to help you with your post-divorce transitions whether they involve getting your house ready for sale, downsizing, organizing or simply creating a peaceful new space for your family.

Guest: Amelia Pleasant Kennedy, Certified Deep Dive Life Coach + Professional Organizer

• NAPO Michigan President 2021-23
• NAPO Awards + Recognition Chair, 2022-24
• 443.691.4274 | www.apleasantsolution.com

Resources:

• Hashtag: #apleasantsolution 
• IG / FB: @apleasantsolution
• LinkedIn: https://www.linkedin.com/in/ameliapleasantkennedy/
• Website: www.apleasantsolution.com

Links are being provided for information purposes only. We do not suggest that listening to this podcast will make you wealthy. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax matters. You should discuss any tax matters with the appropriate professional.

The first and most important piece of advice I have for every person considering, in the middle of and even after divorce is to create a monthly budget for yourself. Why is a budget so important? One important reason is that it’s a critical tool your attorney can use when advocating for you with respect to spousal support/alimony. It solidifies what your post-divorce financial needs will be.  However, the most important reason is that creating a budget is a powerful and eye-opening experience. People going through divorce are often operating in panic mode where it’s difficult to make decisions with the rational part of your brain.  Putting numbers to emotional wants (i.e. keeping the house, a pension, the kids in private school, etc..) takes you out of the emotions and into reality. We hope this episode helps you Embrace the B Word! 

If you need help creating a budget or with analyzing your financial options during your divorce, schedule a consult with Jacki Roessler, CDFA at Pearl Planning. Book Consult Here.

Resources:

• Jacki Roessler LinkedIn
• About Jacki
• Blog Posts by Jacki
• Podcast Episode on Temporary Support with Attorney Max Emmer
• The Value of a Divorce Financial Analyst

Links are being provided for information purposes only. We do not suggest that listening to this podcast will make you wealthy. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax matters. You should discuss any tax matters with the appropriate professional.

The divorce is final and everyone wants to take a break from all things divorce-related. Yet, now is the right time for clients to immediately get started on their QDROS. What is a QDRO and why do you need one after your divorce? A QDRO (short for Qualified Domestic Relations Order) is a legal document (separate from your Judgment of Divorce) that transfers ownership from one spouse to the other in a qualified (i.e. employer sponsored) retirement plan-like a 401k or pension. The only way to transfer ownership of these types of assets is with a QDRO. Yet, many people are overwhelmed after the divorce and procrastinate getting their QDRO done. Dave Roessler, of Divorce Solutions, a Michigan QDRO preparation company https://www.divorcesolutionsllc.com/ shares his insight on why people wait and why waiting can be dangerous for the person waiting to receive the money. If you need help getting your QDRO forms completed, schedule a consult with Jacki Roessler, CDFA at Pearl Planning here https://calendly.com/jacki-divorceplanner/get-to-know-you?month=2022-07&back=1.

Resources:

• Divorce Solutions, LLC
• QDROs PDF
• Information about survivor benefits for spouses and beneficiaries
• Is Time Running out on Getting Your Qualified Domestic Relations Order?

Links are being provided for information purposes only. We do not suggest that listening to this podcast will make you wealthy. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax matters. You should discuss any tax matters with the appropriate professional.

How will market volatility affect your divorce settlement? Melissa Fradenburg, CDFA® and Jacki Roessler, CDFA® discuss what's behind current market ups and downs and how it could impact divorce settlements. Listen in for their best tips on how to navigate any rocky waters ahead. 

Resources:

• Will I Have Access to Money When I File for Divorce?
• Four Things To Do Now if You Got Divorced in 2021
• Episode 52: Tax Considerations in Divorce with Jamie Wilkerson Majni
• Set up a consultation with Jacki Roessler, CDFA HERE
• Set up a consultation with Melissa Fradenburg, CDFA HERE
• Find out more about Pearl Planning HERE

Links are being provided for information purposes only. We do not suggest that listening to this podcast will make you wealthy. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax matters. You should discuss any tax matters with the appropriate professional.