36: Protecting Your Assets Through Your Divorce with Melanie Johnson

Do you feel like your lawyer can give you the best financial advice during your divorce? Today’s guest thought so too and ended up making some very costly mistakes. Her mistakes motivated her to become a Certified Divorce Financial Analyst so that she can help others avoid the mistakes she made. Melanie Johnson lives in Austin, TX and her firm specializes in helping people who are going through divorce sort out their finances and plan for their financial future. Clients may be trying to figure out how they are going to survive with reduced income or may be trying to figure out how to pay for college and other aspects of their children’s lives. Melanie specializes in making sure you are covered financially in every aspect of your divorce. She uses the facts and the numbers to show you the real cost of decisions, so you can make the best ones for you and your children!   Show highlights: Melanie can enter the picture at any point in the divorce process. With divorce, you get one chance to get your finances right before the papers are signed. Even though your divorce attorney is working for you, they don’t have the best answers about your money, so you need additional expertise on your side. Why you want to look for a Certified Divorce Financial Analyst to help you through the divorce, rather than just a Certified Financial Planner. Examples of assets that are commonly forgotten in a divorce and how they are valued. One consideration of home value in a divorce that is often overlooked and could be very costly. You want to be prepared for changes in the real estate market! Even if you pay the bills in your relationship, you may not have a complete picture of your financial assets. There could be 401K’s, IRA’s, Health Savings accounts or other assets you have no idea exist. Things you need to be aware of when considering the cost of staying in your home for the sake of your children. You don’t want to miscalculate and end up squandering your retirement nest egg just to stay afloat. Kids can always get a loan for college, but you can’t get a loan for retirement. Don’t sacrifice your retirement for your child’s college education if you can’t afford to! Documenting post-divorce expenses before you sign off on the divorce papers, it almost always helps the situation.   Resources: Melanie’s Website - www.divorce-financial-solutions.com Second Saturday Divorce Seminars - austindivorceworkshops.com or secondsaturday.com