Managing Divorce in the Coronavirus Era with Michelle Smith

Divorce Dialogues

There is no precedent for how to negotiate a divorce under the current circumstances. We simply can’t ask what a division of assets looks like during a Coronavirus pandemic because it’s never happened before! So, how can divorcing couples get creative and collaborate on financially neutral solutions that serve both parties? Michelle Smith is the Founder and CEO of Source Financial Advisors, a wealth management and divorce financial planning firm based in New York City. Michelle has spent the majority of her 29 year career helping clients navigate complex financial issues, and as a Certified Divorce Financial Analyst designation and divorce mediator, has a specialty in divorce. She has recently created and trademarked a 12-month educational program for women transitioning from divorce to their own financial independence called Wife2CFO. On this special episode of the podcast, Michelle joins Katherine to explain why there’s never been a better time for divorce mediation and share her strategy for building an interim rescue plan for divorcing couples. She offers advice for people who rely on their portfolio to pay the bills, discussing how divorcing couples should think about their investments in light of the market drop and why it may be in their best interest to keep some assets tied together for the time being. Listen in for Michelle’s insight around how current circumstances are forcing us to rethink what really matters and learn how a financial planner can help you find creative, financially neutral solutions in divorce. Topics Covered How divorcing couples should think about their investments given the market drop Michelle’s response to someone who says they can’t afford to get divorced right now Why it’s an ideal time to find financially neutral solutions through mediation Building an interim rescue plan for couples who still want to divorce How the health crisis facilitates a personal financial reset on what matters The current opportunity for attorneys to encourage creative solutions The danger in waiting until everything is back to normal to negotiate your divorce Why it may be in a divorcing couple’s interest to keep their assets tied together Michelle’s advice for people who rely on their portfolio to pay the bills Why Michelle uses sustainable rate of withdrawal vs. investment rate of return Why it’s crucial to have 12 months of expenses liquid and available What makes the ability to collaborate a massive strength rather than a weakness Michelle’s insight around our responsibility not to freeze in fear right now Connect with Michelle Smith Source Financial Advisors: https://www.sourcefa.com/ Email [e-mail] Call [phone] Connect with Katherine Miller The Center for Understanding Conflict: http://understandinginconflict.org/ Miller Law Group: https://westchesterfamilylaw.com/ Katherine on LinkedIn: linkedin.com/in/kemiller1 The New Yorker’s Guide to Collaborative Divorce by Katherine Miller: https://www.amazon.com/New-Yorkers-Guide-Collaborative-Divorce/dp/0692496246 Email: [e-mail] Call [phone] Disclaimer: Source Financial Advisors, LLC is a registered investment advisor with the U.S. Securities and Exchange Commission ("SEC"). The comments provided are for informational purposes only and is not intended as an offer, or a solicitation of an offer, to buy or sell any investment or specific product.