Tatiana Tsoir

Tax Implications in Divorce

“In this world, nothing is certain except death and taxes.”—Benjamin Franklin

When you are getting divorced your taxes are probably not the first thing on your mind, but as Benjamin Franklin said in his famous quote taxes remain even when a marriage ends. Taxes are never an easy topic to discuss but there are many tax implications divorcing couples should address, especially if children or alimony are involved.

Tatiana Tsoir is an author, speaker, and visionary accountant. For over 15 years she’s worked with business owners to help them manage their money and their bottom line. Tatiana is also an experienced adviser on all the scenarios impacting the tax-related matters of divorce.

On this episode of the podcast, Tatiana joins Katherine to discuss when to bring up the issue of taxes in your divorce. She discusses the common misunderstanding about the child tax credit, the 529 plan, and strategies for both that can save both parties money.

Listen in for Tatiana’s insight into underutilized tax strategies for small business owner parents and the number one thing people who are divorcing should think about when they talk about their taxes.

Topics Covered

When the issue of taxes should be brought up in divorce

How to structure taxes to support both parents when children are involved

How a business-owning spouse can legally deduct alimony payments

How to employ tax strategies that will save both parties money

The key to making the child tax credit work for you and your spouse

How to avoid misunderstandings around the 529 education plan

Tatiana shares one of the most underutilized tax strategies of small business owner parents

Best practices for using a custodial Roth IRA account

When to start thinking about using tax strategies to increase education funding options

The first thing people who are divorcing should think about when discuss their taxes

Connect with Tatiana Tsoir

Linza Advisors

Tatiana Tsoir on Instagram

Connect with Katherine Miller 

The Center for Understanding in Conflict 

Miller Law Group 

Katherine on LinkedIn 

The New Yorker’s Guide to Collaborative Divorce by Katherine Miller 

Email katherine@miller-law.com 

Call (914) 862-7487

Resources

Dream Bold, Start Smart by Tatiana Tsoir

The post Tax Implications in Divorce With Tatiana Tsoir appeared first on Divorce Dialogues.

Shara Goldfarb

How to Financially Prepare For Your Divorce

Divorce is a very complicated and emotional process on its own. It becomes even harder when we start separating the money. 

Dividing marital funds during a divorce may seem daunting, but there are plenty of things you can learn to make the process as smooth as possible. 

Shara Goldfarb is a family law attorney with the Miller Law Group and a certified divorce financial analyst.

On this episode of Divorce Dialogues, Shara joins Katherine to discuss financial considerations that are important to make before starting the divorce process. She explains marital property versus separate property and what funds can be subjected to equitable division.

Listen in as Shara advises on how to be reasonable with your financial expectations going into a divorce, how to gather the proper financial information needed for a divorce, and why you should try to conserve your financial resources during divorce proceedings. 

Topics Covered

Why it’s important to gather financial information prior to divorce proceedings and what documentation is the most helpful to have

Why it is easier and cheaper to get all financial information ready for your lawyer before divorce proceedings

How to obtain tax information and bank statements prior to your divorce

The differences between an adversarial process and a collaborative divorce and how it shapes financial discussions with your spouse and lawyers

Shara’s advice on how to be reasonable with your financial expectations if you’re thinking about getting a divorce

Why you should try to conserve your resources with the right professionals involved, rather than spend more money than necessary on a lawyer or other legal fees

Why marital property is subjected to equitable division, but separate property is not

How different kinds of debt, equity, and mortgages are divided during a divorce

Why it is important to work with a lawyer and a certified divorce financial analyst (CDFA) when getting a divorce

Connect with Shara Goldfarb

Shara on LinkedIn

Email Shara at shara@miller-law.com

Connect with Katherine Miller 

The Center for Understanding in Conflict 

Miller Law Group 

Katherine on LinkedIn 

The New Yorker’s Guide to Collaborative Divorce by Katherine Miller 

Email katherine@miller-law.com 

Call (914) 862-7487

Resources

About Shara Goldfarb

The post How to Financially Prepare For Your Divorce With Shara Goldfarb appeared first on Divorce Dialogues.

Jonathan Satovsky

Creative Financial Planning in Divorce

Jonathan Satovsky is the CEO and Chief Behavioral Coach at Satovsky Asset Management, an investment management firm that promotes a mindful approach to multigenerational wealth. Prior to founding SAM in 2007, Jonathan spent 13-plus years at American Express Financial Advisors, and he holds the Certified Financial Planner, Certified Investment Management Analyst and Certified Private Wealth Advisor designations.

On this episode of Divorce Dialogues, Jonathan joins Katherine to explain how a Certified Divorce Financial Analyst can help you get up to speed on the financial issues in a divorce. He describes how to balance financial stability with housing costs in the divorce process and challenges you to be creative in prioritizing spending on what’s important to you. Listen in for insight around the tax implications of divorce and learn Jonathan’s approach to dividing assets through the collaborative process.

Topics Covered  

The benefit of both spouses being involved in the couple’s finances

How a CDFA can help you get up to speed on financial issues in a divorce

The challenge of taking the emotion out of discussions about money

Jonathan’s insight on how to budget with the end in mind

How much of your income should be allocated to housing

Jonathan’s advice on balancing financial stability with housing costs

Why housing is not the best investment for achieving financial freedom

How to be creative with your finances and prioritize spending on what’s important to you

Why a spouse without earning capacity needs access to liquid funds

The tax implications of divorce (e.g.: exemption on house)

Why Jonathan recommends the collaborative divorce process

Connect with Jonathan Satovsky

Satovsky Asset Management

Satovsky Asset Management on LinkedIn

Satovsky Asset Management on Facebook

Jonathan on Twitter

Call (212) 584-1900

Connect with Katherine Miller

The Center for Understanding Conflict

Miller Law Group

Katherine on LinkedIn

The New Yorker’s Guide to Collaborative Divorce by Katherine Miller

Email katherine@miller-law.com

Call (914) 738-7765

The post Creative Financial Planning in Divorce With Jonathan Satovsky appeared first on Divorce Dialogues.

Jay Mota

Financial Planning For The Blended Family

Anxiety around money puts a strain on any relationship. But for blended families, there’s an added layer of complexity. Who will pay for what? And where is the money coming from? The good news is, remarried couples can alleviate a lot of that stress with a little planning.

Jay Mota is a Certified Financial Planner and Chartered Financial Consultant with Prudential Financial. Born and raised in the Bronx, Jay served in both the US Marine Corps and Army National Guard before transitioning to financial services. Jay studied at NYU, Fordham University and The American College of Financial Services, earning degrees in Business Management, Marketing and Communication. With 20 years of experience in financial planning, Jay is a sought-after international speaker on financial wellness and other industry-related topics. 

On this episode of Divorce Dialogues, Jay joins Katherine to discuss the finer points of financial planning for the blended family, explaining how disputes around alimony and child support take both a financial and emotional toll on all involved. He addresses the financial expectations of stepparents, challenging remarried couples to have an honest conversation about their current circumstances as well as their goals for the future. Listen in for Jay’s insight on estate planning in a blended family and learn how to make sure your children from a previous marriage are taken care of after you’re gone.

Topics Covered 

Why Jay recommends that blended families track their income and expenses 

How disputes around alimony and child support take an emotional and financial toll on a blended family

How Jay helps blended families identify the financial facts today, understand each other’s goals and plan for the future

The financial expectations of a stepparent around paying for college

Communicating your decisions re: estate equalization and your stepchildren with your new spouse

The estate planning concerns associated with blended families (and what you can do to make sure your children from a previous marriage don’t get left out)

The value in envisioning how you want your estate to be handled and creating a plan right now

Jay’s fiduciary responsibility to introduce difficult conversations

Jay’s insight on the challenge of retirement planning in a blended family 

Connect with Jay Mota

Email jay.mota@prudential.com 

Call (929) 207-3838

Jay on Facebook

Jay on LinkedIn

Connect with Katherine Miller

The Center for Understanding Conflict

Miller Law Group

Katherine on LinkedIn

The New Yorker’s Guide to Collaborative Divorce by Katherine Miller

Email katherine@miller-law.com

Call (914) 738-7765

Resources

FAFSA

The post Financial Planning For The Blended Family With Jay Mota appeared first on Divorce Dialogues.

Judith Stern Peck

A New Way to Start the Money Conversation

How do you talk to your partner about money? How about your kids? Many of us are afraid to discuss our finances, so we avoid the subject altogether. But what if you had a new way to initiate the money conversation with your family?

Judith Stern Peck is the Director of the Money and Family Life Project at the Ackerman Institute for the Family, where she serves as Senior Faculty. She has 40 years of experience as a family therapist and family business consultant, helping people break through the barriers of talking about money. Judith is also the author of Money and Meaning: New Ways to Have Conversations About Money with Your Clients—A Guide for Therapists, Coaches and Other Professionals.

On this episode of Divorce Dialogues, Judith joins Katherine to explain why money is still such a taboo subject for most people and describe why it’s challenging for many divorcing couples to have explicit discussions about their finances. She introduces us to her framework for talking about money, walking us through an exercise for recognizing when your spending contradicts your values. Listen in for Judith’s insight on getting educated around your household finances and learn a new approach to communicating with your family about money.

Topics Covered

How money carries many different subconscious meanings for people

How to communicate money decisions to your children

Why money is still such a taboo subject for most people

The challenge of talking about money when a couple has established the provider-distributor dynamic

Why the shift from an implicit contract to explicit discussions about money feels uncomfortable for divorcing couples

What people can do to start having better conversations around money

Judith’s exercise for aligning your financial decisions with your values

Recognizing when your spending contradicts your values and having a conversation about it

Judith’s advice for people in families where money is used to control or manipulate behavior

Why getting educated about the use of money in your family is the first step toward spending with intention and taking ownership of financial decisions

Connect with Judith Stern Peck

Judith at Ackerman Institute for the Family

Connect with Katherine Miller

The Center for Understanding Conflict

Miller Law Group

Katherine on LinkedIn

The New Yorker’s Guide to Collaborative Divorce by Katherine Miller

Email katherine@miller-law.com

Call (914) 738-7765

Resources

Judith’s Money and Family Life Research

Money and Meaning: New Ways to Have Conversations About Money with Your Clients—A Guide for Therapists, Coaches and Other Professionals by Judith Stern Peck

The post A New Way to Start the Money Conversation with Judith Stern Peck appeared first on Divorce Dialogues.

Carrie Rattle

Helping Women Have a Good Relationship with Money

Though it’s been proven that girls are just as good at math as boys, the cultural assumption that men are better at managing money persists. And in the divorce process, many women (even the smart, capable ones) struggle with financial decisions. So, what are the systemic myths that keep women from having a good relationship with money? And what can we do to change that?

Financial Therapist Carrie Rattle is the Founder and CEO of Behavioral Cents, a coaching practice dedicated to helping professional women build wealth by learning how to get out of debt, save money, or protect their assets during a divorce. A financial executive with 30 years of experience in the banking industry, Carrie teaches women to build money-life balance and align their values with their spending.

On this episode of Divorce Dialogues, Carrie joins Katherine to discuss the five unique hurdles that separate women from a good relationship with money. She introduces us to the princess syndrome, explaining how parents treat girls differently when it comes to finances and what’s problematic about the cultural assumption that men are better with money. Listen in for Carrie’s insight into the not-good-enough messaging women get from the media and learn what we can do to combat the fear, shame and social assumptions that impact a woman’s confidence around money.

Topics Covered

What inspired Carrie to focus her work around women and money

Why it’s crucial for divorce professionals to understand where women are coming from when it comes to money

The five hurdles that separate women from a good relationship with money

How parents treat girls differently when it comes to finances

The difference between general financial literacy and connecting how our behaviors translate to expenses

How the princess syndrome impacts young girls and influences their attitude toward money

The problem with our false cultural assumption that men are better at managing money

The not-good-enough message women get from the media and how it impacts their confidence around money

Why investing is a lot less complex than most women think and how Carrie teaches asset allocation

Connect with Carrie Rattle

Behavioral Cents

Email carrierattle@behavioralcents.com

Call (914) 923-6081

Stopping Overshopping

Connect with Katherine Miller

The Center for Understanding Conflict

Miller Law Group

Katherine on LinkedIn

The New Yorker’s Guide to Collaborative Divorce by Katherine Miller

Email katherine@miller-law.com

Call (914) 738-7765

Resources

Sarah Coyne’s Study on Disney Princesses

Geena Davis Institute of Gender in Media

The post Helping Women Have a Good Relationship with Money with Carrie Rattle appeared first on Divorce Dialogues.

Stacy Francis

Divorce & Your Financial Security

A lot of people stay in unhappy marriages because they don’t think they can afford not to. But if you’re willing to take a close look at your finances and enlist the help of the right professionals, you can come to a peaceful resolution and navigate a divorce settlement that ensures your financial security for the long term.

Stacy Francis is the Founder and CEO of Francis Financial, a fee-only, boutique wealth management, financial planning and divorce financial planning firm. A nationally-recognized financial expert with 18-plus years in the industry, she is a Certified Divorce Financial Analyst (CDFA), Divorce Financial Strategist and Certified Estate and Trust Specialist (CES). Stacy is also a member of the Forbes Finance Council, and she has appeared on CNBC, PBS and Good Morning America, among many other media outlets.

On this episode of Divorce Dialogues, Stacy joins Katherine to explain why people are reluctant to take a close look at their finances and how she helps people get past their fear of judgement around money. She describes what differentiates a CDFA and how they can help you, offering advice on what questions to ask as you select your team of divorce professionals. Listen in for insight on making sure you’re financially secure after divorce and take the first step to getting a clear picture of your money situation.

Topics Covered

The most important thing you can do to make sure you’re financially secure for the long term after divorce

Why people are reluctant to take a close look at their finances

How Stacy’s team helps people get past their fear of judgement around money

The first step for getting a clear picture of your money situation

How you might use COVID to initiate a conversation with your spouse about your financial situation

What differentiates a Certified Divorce Financial Analyst and how they can help you

Identifying what YOU need in a settlement to feel comfortable, knowledgeable and financially secure

What to look for in a CDFA

How the process and professionals you choose impact your ability to achieve a peaceful resolution

Stacy’s top three tips for those of us contemplating divorce

Connect with Stacy Francis

Francis Financial

Connect with Katherine Miller

The Center for Understanding Conflict

Miller Law Group

Katherine on LinkedIn

The New Yorker’s Guide to Collaborative Divorce by Katherine Miller

Email katherine@miller-law.com

Call (914) 738-7765

Resources

NAPFA

The Francis Financial White Paper

The post Divorce & Your Financial Security with Stacy Francis appeared first on Divorce Dialogues.

JAMES MCGLYNN

Optimize Your Social Security Benefits After Divorce

It’s hard enough to understand what Social Security benefits you may be entitled to as a married person, but once you’re divorced… Well, it’s complicated. Can you claim spousal benefits on an ex-spouse? What happens if your ex remarries? Or passes away?

James McGlynn is the CEO at Next Quarter Century, a retirement planning firm out of Fort Worth, Texas. He spent 35 years serving clients as a mutual fund manager before transitioning to retirement planning and developing an expertise in maximizing Social Security benefits. James is both a Chartered Financial Analyst and Retirement Income Certified Professional, and he earned his Bachelor’s in Accounting and Finance at the University of Texas at Austin.

On this episode of Divorce Dialogues, James joins Katherine to offer an overview of the Social Security program, explaining how the spousal benefit is calculated and how long a married couple has to wait before they can claim it. He describes when a divorced person can collect spousal and survivor benefits (even if their ex remarries) and how to inform the Social Security Administration that you want to claim on an ex-spouse. Listen in for James’ insight on maximizing your Social Security benefits and learn what factors to consider in deciding whether to file as soon as you can—or wait until you turn 70.

Topics Covered

An overview of the Social Security program and when Americans qualify to receive benefits

How the spousal benefit works and how the amount is calculated

The factors to consider in deciding when to claim your Social Security benefits

How long a married couple has to wait before claiming the spousal benefit

How an ex-spouse can claim spousal benefits if they were married for at least 10 years

What happens if a person has two former spouses and they were married to each for 10+ years

Informing the Social Security Administration that you want to claim a spousal benefit on an ex

How Social Security survivor benefits differ between a divorced spouse and a widower

What happens when your ex-spouse has remarried and you both claim survivor benefits

How your spousal benefit changes when your ex-spouse passes away

Why you may want to wait to remarry until after the age of 60

When and how to switch from collecting on your own benefits to collecting on an ex-spouse

Connect with James McGlynn

Next Quarter Century

Email james@nextquartercentury.com

Call (817) 602-8859

Connect with Katherine Miller

The Center for Understanding Conflict

Miller Law Group

Katherine on LinkedIn

The New Yorker’s Guide to Collaborative Divorce by Katherine Miller

Email katherine@miller-law.com

Call (914) 738-7765

Resources

James’ Blog on Who Should File for Social Security Early

Next Quarter Century

Call the Social Security Administration at 1-800-SSA-1213

The post Optimize Your Social Security Benefits After Divorce with James McGlynn appeared first on Divorce Dialogues.

LISA DECKER

Navigating Financial Infidelity & Gray Divorce

While the overall divorce rate in the US has declined, gray divorce is on the rise. In fact, among adults over 50, the divorce rate has doubled in the last 30 years! Why are older Americans divorcing at such a dramatic rate? And what does it mean for their finances?

Lisa Decker is a nationally recognized expert in the financial matters of divorce. A Certified Divorce Financial Analyst and Real Estate Collaboration Specialist in Divorce, she offers flat-fee divorce financial planning services to clients across the country via coaching, consulting and full analysis options. Lisa is also the creator of several innovative online resources, including Divorce Money Matters and Divorce Town USA, and she has been featured in Money Magazine, The Wall Street Journal and The New York Times, among many other national media publications.

On this episode of Divorce Dialogues, Lisa joins Katherine to explain why the divorce rate is highest among couples over the age of 50 and discuss the consequences of gray divorce. She explores why the financial impact can be greater for older divorcing couples, introducing us to the idea of financial infidelity and sharing real-life examples from her practice. Listen in for Lisa’s insight on the costliest mistakes divorcing couples make (and how to avoid them!) and learn to be a proactive partner when it comes to matters of your health and wealth.

Topics Covered

Why the divorce rate is highest among couples over the age of 50

The harmful health and financial consequences of gray divorce

What kind of behavior rises to the level of financial infidelity

The level of secrecy that distinguishes financial infidelity from other tensions around money in a relationship

Why the financial impact is often greater in the case of gray divorce

Why second and third marriages are more likely to end in divorce

Lisa’s insight around costly divorce mistakes (and how to avoid them)

Lisa’s challenge to be a proactive partner in all matters of your health and wealth

Why you should start gathering your financial documents before you file for divorce

Building a team that includes an attorney, divorce financial planner and therapist or coach

Connect with Lisa Decker

Divorce Money Matters

Divorce Town USA

Connect with Katherine Miller

The Center for Understanding Conflict

Miller Law Group

Katherine on LinkedIn

The New Yorker’s Guide to Collaborative Divorce by Katherine Miller

Email katherine@miller-law.com

Call (914) 738-7765

Resources

Bowling Green State University’s Research on Gray Divorce

National Center for Family and Marriage Research

Amicable Divorce Network

The post Navigating Financial Infidelity & Gray Divorce with Lisa Decker appeared first on Divorce Dialogues.

Nancy Hetrick

Getting a Fair Divorce Settlement with a CDFA

As you negotiate a divorce settlement, it’s useful to think about assets like a bowl of fruit. While it might look like an apple and a pear have the same worth, it’s crucial to solicit the advice of a professional to ensure that what appears to be a 50/50 split is truly equal. So, how can a Certified Divorce Financial Analyst (CDFA) help you navigate the divorce-specific items in the tax code and negotiate a fair settlement with your former spouse?

Nancy Hetrick is the CDFA behind Smarter Divorce Solutions, an Arizona firm dedicated to helping couples craft settlements that are a win-win for both parties. Nancy has 20-plus years of experience as a financial advisor, and she is trained in both mediation and Collaborative Divorce. She was a 2014 Finalist for the BBB Business Ethics Awards and the 2015 Winner of NAWBO’s Business Owner of the Year, and Nancy is the author of Divorce is Not for Dummies: How to Cover Your Assets.

On this episode, Nancy joins Katherine to explain what differentiates a CDFA from other financial planners. She walks us through the most common mistake couples make in negotiating divorce settlements, covering the complexities of sharing pension benefits with an ex and the potential tax implications of an ‘equal’ division of assets. Listen in for Nancy’s advice to couples considering divorce and learn how a CDFA can maximize the tax efficiency of a settlement, helping both parties get more of their own money!

Topics Covered

What differentiates a Certified Divorce Financial Analyst from other financial planners

The most common financial mistake couples make in negotiating divorce settlements

• Overlooking tax implications

The biggest financial mistakes couples make in negotiating divorce settlements

• Beneficiary issues around pensions
• Hang onto house they can’t afford

The complexities of the Qualified Domestic Relations Order or QDRO

Understanding the choices available to divorcing couples in a specific pension plan

How changing rules in municipal pension plans impact the non-employee spouse

The different payout methods available to pension holders + their former spouses

The value in doing a 20-year financial projection for both parties in a divorce

Leveraging creative settlements to maximize tax efficiency for a divorcing couple

How the laws around divorce differ dramatically from state to state

How a Certified Financial Coach can support people who haven’t managed money

Nancy’s advice for couples considering or initiating the divorce process

• Find CDFA in your area to do What if? look
• Pay for experts to save money in long run

Connect with Nancy Hetrick

Smarter Divorce Solutions

Email nancy@smarterdivorcesolutions.com

Connect with Katherine Miller

The Center for Understanding Conflict

Miller Law Group

Katherine on LinkedIn

The New Yorker’s Guide to Collaborative Divorce by Katherine Miller

Email katherine@miller-law.com

Call (914) 738-7765

Resources

Institute for Divorce Financial Analysts

QDRO

Divorce is Not for Dummies: How to Cover Your Assets by Nancy A. Hetrick

The post Getting a Fair Divorce Settlement with a CDFA with Nancy Hetrick appeared first on Divorce Dialogues.