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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.
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Jul 13, 2017
This episode is the fourth part of a series on your post-divorce finances. If you have not already heard the first three episodes, please go back and listen to them first. Even if you are in the early or middle stages of a divorce, this series will help you define your financial goals for the rest of your life. It is important to define those goals early in the divorce process, so that you know what is important to negotiate throughout it.
 
This episode will discuss finance and investment terminology that you need to know while going through your divorce. We will just cover some of the most important terms, so that you can follow these finance conversations more easily.
Here are 13 key financial terms to know:
 
Asset – anything you own that has value (such as a house, car, computer, baseball card collection, or investment account)
 
Debts – money you owe to other people (such as loans and credit cards)
 
Balance sheet – a summary of all of your assets and all of your debts on one page. This sheet covers the same information as a financial affidavit in a divorce. It is important to note that a balance sheet is a snapshot of your financial situation on a particular date, because assets can fluctuate in value over time.
 
Stock – ownership in a company (same as equity). It can be a share of a publicly traded stock, or an equity in a private company (such as a small business).
 
Bond – money that you loan as an investment, typically to a company or government. You will be paid interest until they are ready to repay the loan. Keep in mind that bonds are a very complicated topic.
 
Portfolio – the combination of investments that you own. They can be stocks, bonds, real estate, any other type of investment, or a combination of different types.
 
Asset allocation – the percentage of your portfolio in stocks, bonds, or other investment types. For example, a younger person may have an asset allocation of 80% stocks and 20% bonds, whereas an older person might have a higher percentage of bonds and real estate.
 
Risk – uncertainty about how your assets will perform. Some forms of investment carry more risk than others.
 
Index – a group of stocks or investments. They may group similar stocks (such small companies, large companies, and international companies), bonds, or other investments. Often, they are followed over time to measure how the group is performing, or how a country’s economy is doing. Therefore, they are often used as benchmarks (such as NASDAQ and S&P 500). One related financial concept (that we will not be able to cover in this episode) is a type of investment called index funds, but you can research it on your own to learn more.
 
Mutual fund – a common type of investment that involves a company pooling money from different investors. This combined money is invested by a manager, and each investor’s returns are carefully measured. The investment strategies for mutual funds vary; they may invest in stocks, bonds, real estate, or international companies.
 
Hedge fund – similar to a mutual fund, but typically with a very high minimum investment ($500,000 and up, depending on the fund).
 
Capital gain – the amount of money that you receive when selling an investment that exceeds the price you paid for it. For example, if you bought a house for $100,000 and sold it for $120,000, you would have a capital gain of $20,000. This term is important because you will owe capital gains tax on that $20,000. During your divorce, you will need to be aware of how much capital gain each of the assets you will receive will have, so that you are not stuck with a large, unexpected tax bill.
 
Inflation – the concept that prices of goods and services generally increase over time. Costs of everything from gas to bubblegum to homes are higher today than they were fifty years ago, because of inflation.
 
If you would like to learn more about finance, start regularly reading the Wall Street Journal. If you look up terms and companies that you do not know, you will learn a lot about the finance world. In the next episode, we will talk about which types of investments to consider when you plan your post-divorce finances.
 
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.
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