Divorce & Your Money: How to Maintain Your Financial Health with Lara Lamb
The transition from being married to the single life can be extremely difficult emotionally. Even more challenging, divorcing couples must untangle their finances. But what do you do if you feel finances aren't your strong suit? On today's episode, Mary Beth and Neela welcome Lara Lamb, CFP® to explore what you need to know about protecting your long-term finances during a divorce. Lara is the in-house divorce expert at Abacus Wealth Partners. She's been providing financial planning for over 20 years and specializing in divorce for the last seven. Tune in as she provides her insight and experience on how this major life transition can impact your money life and how to maintain your financial health during divorce.
For additional resources, information, and a full transcript of the episode, visit our website.
What You'll Learn in This Episode:- Lara's expertise and how she got into helping people transition financially from married to single life
- The different phases of divorce and what's associated with each phase
- Questions to ask yourself during phase one and the info you should be collecting
- How to get more comfortable with phase one transitioning to single life
- Where to get started if you're not actively involved in the day-to-day finances within your marriage
- Software you can use to aggregate your financial data and a website to help you with budgeting
- When you should consider getting professionals involved
- What a Certified Divorce Financial Analyst can do for you during the divorce
- Not all assets are created equal, so how do you approach who gets what (including the house)
- The importance of looking at the short-term and long-term impact of assets
- Why you need to consider the tax implications for each asset as it's being divided up
- One actionable takeaway if you are considering transitioning from married to single life
- Protect Your Retirement Assets During Divorce
- Who Gets the House in a Divorce?
- How to Know When It's Time to Hire a Financial Advisor
- What It Means to Work with a Fee-Only, Fiduciary, CFP® Financial Advisor
- Connect with Lara Lamb on LinkedIn or reach out to Lara@AbacusWealth.com
- Join the Abacus community by connecting with us on Facebook, Twitter, Instagram, and LinkedIn
- Connect with Mary Beth on Twitter, Instagram, and LinkedIn
- Connect with Neela on Twitter, Instagram, and LinkedIn