How Divorce Attorneys Miss the Big Picture
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 1 May 2023
⏱️ 29 minutes
🧾️ Download transcript
Summary
While divorce may mark the end of a marriage, it is also a critical juncture in a person's financial and estate planning, as it can significantly impact their future wealth, retirement, and inheritance. In this context, divorce attorneys who fail to consider the bigger picture of estate and financial planning may unwittingly leave their clients vulnerable to financial pitfalls and missed opportunities.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.4 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.3 | I'm your host, Devin. |
| 0:14.2 | Join today by my co-host, John Ross. |
| 0:16.7 | Howdy. |
| 0:23.9 | All right, John, we talk all the time about the big picture approach around here. |
| 0:27.5 | Yeah. |
| 0:27.8 | Now, we've started a lot of podcast episodes with that exact phrase, and then we segue into whatever it is we're going to say. |
| 0:33.7 | That's right. |
| 0:34.3 | But this one was pretty unique, and it's not one that a lot of people may think of. And it's how divorce attorneys get this isolated view and can really screw everything else up. Right. Right. Yeah. And whether we're, you know, of course, you're going to have some listeners and they're going to say, hey, you know, I'm not, I'm not getting a divorce. |
| 1:13.1 | I'm just going to skip this one. That's right. Right? You got any kids? Don't yet. You got any kids? Don't hit the X. Right? I mean, right? Because this could be valuable advice that you could be providing to your friend. Yeah. Or your child or somebody, right? Because with the divorce rate being roughly 50%, if you know anybody, |
| 1:11.7 | it's one of y'all. That's right. Right. Right. If you have one friend or family member, |
| 1:18.8 | that's it. That's all it takes. Yes. You have to have one because it's 50-50, right? And so, |
| 1:23.4 | so somebody, you know, is going to have a divorce. And because of that, there's going to be some issues. |
| 1:28.0 | And, you know, the thing is, particularly in family law cases, you get so tied up in getting out of the marriage, you know, fighting out all your old battles that never got fought when they should have or addressed when they should have. |
| 1:44.0 | I mean, sometimes there's kids involved. And so you've got all of those issues. never get never got fought when they should have or addressed when they should have i mean sometimes |
| 1:44.6 | there's kids involved and so you've got all of those issues and and you know during that process |
| 1:51.1 | and and i mean to some extent rightly so you're not thinking about your retirement planning your |
| 1:58.8 | you know future financial situation your estate planning, your future financial situation, your estate planning. And so I get that, |
| 2:05.9 | right? But that's why you have professional guidance. And, you know, I think back, so when my wife and I, |
| 2:13.7 | when we started our firm 20 years ago, and we, and we needed a little extra money. I mean, |
... |
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