Smart Living Episode 1: Financial Strategies for Women Going Through Divorce
Introduction: Welcome back to Smart Living! In today’s episode, we continue our exploration of navigating life changes, specifically focusing on women going through a divorce. Our special guest, Eric Gomez, the CEO of SG Wealth Managers and SG Insurance and Estate Planning, joins us to share invaluable financial advice for women looking to protect themselves during this challenging time. Let’s dive into the conversation with Daphne, Diane, and Eric.
Meet Eric Gomez: Eric Gomez, our financial expert, brings a wealth of experience as the CEO of SG Wealth Managers and SG Insurance and Estate Planning. Daphne shares her personal connection with Eric, highlighting how he became her financial planner during a challenging period, providing guidance and support. Eric’s approach to financial planning is built on establishing a relationship, a crucial factor that Daphne values.
The Importance of Financial Planning in Divorce: The episode kicks off with a focus on the unique challenges women face during divorce. Daphne emphasizes the need for practical advice, and Eric steps in to provide insights into key financial considerations during divorce proceedings.
Protecting Your Children’s Financial Future: Eric sheds light on a little-known strategy – requesting life insurance for your soon-to-be ex-spouse during divorce proceedings. He explains that this request can be a crucial step in securing financial resources for the children in case of the ex-spouse’s untimely death. By incorporating this requirement into the divorce conditions, women can safeguard their children’s financial well-being, a point that courts often prioritize.
Negotiating the Division of 401K Assets: The discussion takes a deeper dive into the division of assets, specifically focusing on the often-overlooked 401K accounts. Eric provides a hypothetical scenario where a stay-at-home mom, who hasn’t worked in years, is divorcing a spouse with a significant 401K. He explains the importance of negotiating a fair share of the 401K and introduces the concept of a Qualified Domestic Relations Order (QDRO) to manage the tax implications.
Understanding the QDRO: Eric breaks down the QDRO, which allows the division of the 401K without incurring immediate tax liabilities. This strategy enables women to transfer their portion into a separate retirement account while preserving the tax benefits associated with a 401K. The advice ensures that women can secure their financial future without sacrificing crucial tax advantages.
Conclusion: As the episode concludes, Daphne expresses gratitude to Eric for sharing invaluable advice. Eric reassures listeners that he’ll be a regular on the show, providing ongoing guidance. For those seeking more information or personalized advice from Eric, details will be available on Daphne’s blog.
Stay Tuned for Smart Living: This episode serves as a testament to Smart Living’s commitment to empowering women through practical advice and expert insights. Stay tuned for more episodes covering various aspects of smart living, from personal finance to health and lifestyle tips. Remember, Smart Living is about smart choices and spending your money wisely.
If you’d like to reach out to Eric Gomez or SGWealth they can be reached at sgwealthmanagers.
