Stephanie McCullough  00:06

Welcome to Take Back Retirement, the show for women 50 and better, facing a financial future on their own. I’m Stephanie McCullough, and along with my fellow financial planner, Kevin Gaines, we’re going to tackle the myths and mysteries of “Retirement,” so you can make wise decisions toward a sustainable financial future. Through conversations and interviews, you’ll get the information and motivation you need, to move forward with confidence. And we’ll be sure to have some fun along the way. We’re so glad you’re here. Let’s dive in. Coming to you semi-live from the beautiful Westlakes Office Park in suburban Philadelphia, this is Stephanie McCullough and Kevin Gaines of Sofia Financial and American Financial Management Group. Say hello, Kevin.

Kevin Gaines  00:52

Hello, Kevin.

Stephanie McCullough  00:53

So we decided to do this special mini episode, because we are introducing a special short series on divorce. Divorce is a very common topic that we deal with with our clients. A lot of our clients have gone through divorce or are facing divorce currently. And it’s a big financial planning issue.

Kevin Gaines  01:13

And one of the big issues is it tends to be something you don’t plan for. I mean, everybody, you know, we sit there, we say, well, we’re going to do this, we’re going to do that and live happily ever after. Sometimes, Ever After, not so happy.

Stephanie McCullough  01:32

Right. And what I think we don’t necessarily realize when we get it to marriage is that it’s a complex legal contract. Right? Yeah, we say our vows, we exchanged rings, we maybe break a glass, right? We do all the things, the ceremonial stuff, but it is a legal contract and unwinding it and undoing it can be complex.

Kevin Gaines  01:54

Your lives are intermingled, even without the legalities. There is so much interdependency, so much crossover, that it takes a while to unravel all of this. And it can be confusing and scary. Let’s be honest. That’s one of the biggest issues is, that it’s an unknown for most of us. The first time we do it,

Stephanie McCullough  02:21

Exactly. Most folks that we talked to are getting divorced for the first time. So you know, anything new and complicated like this, unless you have a really good friend or family member who’s been super open going through their own divorce… And that’s only one situation. Every situation is different as well. So we thought it would be helpful to bring you a variety of divorce-related professionals. Because in my experience talking to folks, the first person they think they need to call is a lawyer. Right? We think about divorce attorneys, divorce lawyers, and lawyers are absolutely important and have their place. But there are other professionals who can be very helpful, and perhaps, even more, cost-effective, shall we say, than calling a lawyer for every question?

Kevin Gaines  03:10

Right? So we’ve created this lineup – a team, if you will, to touch on different areas that you might come across, you know, so yes, we have a mediator. Maybe instead of going to the judge, hey, let’s just see if we can do this without all the robes and gavels and expense, hopefully, it’ll be a cheaper Avenue. Also, we’re talking with a divorce coach, one of the points we want to make is, instead of going straight to the lawyer, like you just said, Stephanie, you know, talk with somebody to kind of help you think through the steps that you’re going to have to take, get your ducks in the row so to speak. And you can go from there, organized.

Stephanie McCullough  03:59

This divorce coach sometimes calls herself the divorce doula. And for those of you who have given birth, a doula is a very experienced person who goes through the birthing process with you and who was there holding your hand, not the doctor, but someone to be there for you who’s been there before. And that’s kind of how I think of the role of the divorce coach, to help you deal with some of the emotions and the maybe, you know, judgment and blaming that might be going on in your head, but also to get super intentional about what you want to get out of it where you want to be. On the other end. We’ve also got a really fascinating woman who’s a forensic accountant, which means, right, you think forensics is all the TV crime shows and finding the evidence. Well, yeah, that’s what forensic accounting is. Are there maybe money income assets that aren’t being, shall we say, openly shared by the other party in the divorce? So she has created an accessible resource for people who might not be able to afford hiring a forensic accountant. But that conversation is really interesting.

Kevin Gaines  05:07

This may come as a surprise to some people. Sometimes both parties are not always entirely honest with the situation. One party may have gotten a little jump on the proceedings, shall we say?

Stephanie McCullough  05:24

Yes, yes, we’ve all probably heard some of those horror stories. So she has some great insights. And then we also are talking to an estate planning attorney. Right, not a divorce attorney, but estate planning, which means, how are your things, assets, and everything going to be handled after you pass away, and that changes when you get divorced as well. So thinking about the implications, the estate planning implications of divorce is also really important.

Kevin Gaines  05:55

So, we think we got a fairly good lineup set up here to make this a fairly fleshed-out discussion, not just legal step one, legal step two, legal step three, but rather, a lot of different angles and avenues for us to explore here. I’m actually really excited that we did this. Although I shouldn’t be this happy to talk about divorce. But what can I say? I can be weird at times anyway.

Stephanie McCullough  06:25

Well, and you know, as always, our intention is to try to make things a little bit less intimidating, a little bit less, you know, something you super want to avoid. Our goal is always to help you figure out what questions you need to ask so you can make wise decisions. So really, that’s the spirit with which we enter into these conversations. We hope you find them helpful. With that, we’ll leave you with our series of interviews on divorce. Thanks so much for being with us. We’ll talk to you next time. It’s goodbye from me,

Kevin Gaines  06:57

And it’s goodbye from her.

Stephanie McCullough  07:01

Be sure to subscribe to the show and please share it with your friends. Show notes and more information available at takebackretirement.com. Huge thanks for the original music by the one and only, Raymond Loewy through New Math in New York. See you next time.

Disclaimer  07:15

Investment advice offered through Private Advisor Group, LLC, a registered investment advisor. Private Advisor Group, American Financial Management Group, and Sofia Financial are separate entities. The opinions voiced in this material, are for general information only and are not intended to provide specific advice, or recommendations for any individual security. To determine which investments may be appropriate for you, consult your financial advisor, prior to investing. This information is not intended to be substitute for individualized tax advice. Please consult your tax advisor regarding your specific situation.