Post Divorce Financial Tips with guest Heather Locus
Wealth manager Heather Locus is here today to talk about post divorce financial issues that people really need to be mindful of. She is an owner and leader at the Divorce Practice Group at the private wealth management firm of Balasa Dinverno Foltz or BDF which is headquartered near Chicago, Illinois.
She focuses her practice on individuals throughout the US that are going through a divorce. She helps them untangle their marital assets and helps customize a new strategy to fund the next chapter of their lives. As a divorced parent and business owner, Heather understands the most complex divorce issues. Although the struggles of divorce can be life-altering, she believes that divorce can make you stronger and lead to great things.
Heather has been recognized as a “Best-In-State Wealth Advisor” by Forbes; a “Top 200 Top Wealth Adviser Mom” by Working Mother as well as a “Five Star Wealth Manager” by Chicago Magazine. She is also an author and has contributed to many top publications including The Wall Street Journal, AARP Bulletin and Divorce Magazine.
You can find Heather here:
Balasa Dinverno Foltz, LLC (BDF)
BDF Important Disclosure Information
Show Notes:
[03:30] Heather is an owner at a private wealth management firm that manages about 4 billion in assets. She leads the Divorce Practice Group and helps people through all aspects of divorce.
[03:52] They often start by helping people hire the right team and professionals that they need. They also help give clarity on when someone should settle.
[04:15] They also help people understand the agreement and audit the agreement on a yearly basis. Then they help people create the next chapter of their lives on their own terms.
[04:32] Heather went through a divorce 8 years ago. After getting divorced, Heather realized that there was so much more they could do to help divorcing men and women.
[05:52] They help people make decisions and also help people know when they don't have to make a decision.
[06:17] After the divorce is done, they are a key partner for financial decisions going forward.
[07:15] The first thing people should do post-divorce is remain kind to themselves and have grace.
[08:02] After a divorce, there is time for all of the emotions that you couldn't deal with during the process to come up. The ripple effect is often overwhelming and unexpected. The first thing you should do is pause and understand that this is normal.
[08:59] The marital settlement agreement is the key document on the financial perspective. This will detail property settlement, income, and obligations. It's a good idea to go through this document one more time with your attorney.
[09:28] It's important to have a road map and an ongoing audit.
[11:02] If a couple works with a good team during the marriage, it's possible that they can keep that team. Sometimes both spouses will need a higher level of expertise.
[13:46] With assets and investments you really need to understand how things are titled. You also need to be aware of the tax ramifications before transferring assets.
[14:25] Set up a taxable account in your name or in your trust. Then you will probably need an IRA and all paperwork so your ad