Info

Divorce and Your Money - #1 Divorce Podcast

Visit us at www.DivorceAndYourMoney.com Divorce and Your Money is your guide to avoiding costly mistakes during divorce. Shawn Leamon, Certified Divorce Financial Analyst and MBA, wants to help you learn the fundamentals of how to get a divorce. Whether you are looking for an uncontested divorce, a do it yourself divorce, or an online divorce, resources are available to offer guidance. Through his divorce podcast and divorce blog, Shawn offers his professional opinion on the best ways to handle the end of your marriage. He covers topics including how to file for divorce, divorcing a narcissist, and finding the best divorce attorney. Even tricky subjects such as a “what is a QDRO?” and “is alimony taxable?” are tackled through these venues. If you need to know what the first steps are or what you should do to head to trial during litigation, you can find resources to give you a step-by-step guide to what comes next. Think of his advice as an alternative to divorce support groups where you can find exactly what you need when you need it. He offers one-on-one divorce coaching to give you a solid grasp on the decisions that are bound to affect your financial future. Before you have a divorce decree in hand, you will likely go through some type of divorce mediation. For any spouse saying, “I want a divorce,” you need to make sure that you are getting the financial future you are entitled to. Do not allow yourself to be blinded by the emotional, legal, and financial burden that divorce can become. Instead, take control of your situation with sage wisdom to help all individuals make better financial decisions for their independent future. If you find yourself asking “where are the best divorce lawyers near me?”, Shawn can help you to recognize the best of the best. Whether you need a divorce in Texas, a divorce in Florida, or a divorce in New York, you will have all the knowledge you need to find the best team of professionals to assist you. You can start from a place of being legally separated or once you have already started to file for divorce using free divorce papers or an attorney. No matter where you or your marriage may be in the process, Shawn Leamon has professional advice to offer your unique situation. A simple no fault divorce or a high-stakes power struggle are all areas he has vast experience with during his work outside of Divorce and Your Money. Let his advice be a guide to help you get all that you need for a secure financial future in your divorce records. It will not make a difference whether you are getting a divorce in Ohio or a divorce in California if you are following the basic principles set out through Divorce and Your Money’s divorce blog, divorce podcast, and divorce coaching.
RSS Feed Subscribe in Apple Podcasts
2019
September
August
July
June
May
April
March
February
January


2018
December
November
October
September
August
July
June
May
April
March
February
January


2017
December
November
October
September
August
July
June
May
April
March
February
January


All Episodes
Archives
Now displaying: Page 1
Jul 6, 2017
This episode is the second part of a multipart series on your post-divorce finances. Part 1 discussed the three essential financial goals to think about as you plan your post-divorce life. Even if you are not very far along in the divorce process, your divorce will be over at some point. Therefore, this series will help you plan for the rest of your life.
 
In this episode, you will get an overview of financial advisors and financial planners, including what these terms mean and how to choose one. Many people do not understand how the finance industry works. The fact is that the incentives in the finance industry are often not structured to benefit you (the investor). Financial firms are businesses, and like any business, their goal is to make money. It is very important for you to know about the different kinds of financial professionals, and how they make their money. There is one critical question to ask a financial advisor that you are thinking about working with: “How do you get paid?”
 
This question might seem intrusive to the average person, but it is important for you to know what kind of pay structure they are under. They may get paid directly by you, or they may receive commissions. But generally, they get a fixed fee that you agree upon. Regarding commissions, they may receive one every time you buy or sell an investment, or they may charge you a markup on the cost of the investment. Because they are compensated to sell you certain financial products, their incentives are not necessarily in your best interest.
 
Like stockbrokers, these professionals can be considered brokers, or they may be “dually registered,” which means they receive both fixed fees and commissions. If they state that their securities are offered by a certain financial institution, it is an indication that they are receiving commissions.
 
Fee-only financial advisors (not to be confused with fee-based) charge you a fixed fee— whether it is to create a budget or financial plan, or to manage your investments. In the latter case, they are often paid a fixed percentage of your assets each year. (The typical fee is 0.5 – 1%.) Fees can add up over time, so it is wise to negotiate for the best fee possible, which the next episode will discuss further.
 
Financial advisors are not necessarily required to act in your best interest, which surprises many people. But advisors who receive commissions can actually recommend things that are not in your best interest.
 
The finance industry has a word for a financial advisor who must act in your best interest: a fiduciary. This person is legally required to act in your best interest, and they do not receive commissions. They only receive a fixed fee that you pay them. So rather than asking prospective financial advisors how they get paid, you can simply ask, “Are you a fiduciary?” If the answer is “no,” you should strongly consider looking elsewhere. Brokers can be useful in certain situations, but it is important to understand how their business works. That way, you will not get harmed by it.
 
In the next episode, you will learn some key tips for interviewing your post-divorce financial professionals.
 
Thank you for listening to the Divorce and Your Money Show. Visit us at www.divorceandyourmoney.com for personalized coaching services. If you enjoyed the show, please take a moment to leave a review on iTunes, as it will help other people discover this free advice.
0 Comments
Adding comments is not available at this time.