At The Money: The Finances of Divorce

The podcast addresses the complex financial aspects of divorce, focusing on common mistakes and strategies for navigating asset division. Patrick Kilbane, from Ullman Wealth Partners and leader of the Divorce Advisory Group, offers insights into the initial triage process, emphasizing the importance of understanding a client's immediate needs and goals. He cautions against premature settlement agreements without full financial awareness and highlights the necessity of comparing assets accurately. The discussion covers the emotional and financial challenges of dividing property like the family home, the tax implications of different assets, and the complexities of splitting retirement accounts, including QDROs. Kilbane also advises on cash flow planning post-divorce, suggesting a larger emergency fund and, potentially, temporary alimony to ease the transition. He underscores the importance of a detailed financial affidavit for a clear understanding of the financial landscape.