Confident Wealth

Divorce: The Effect on Finances & Family, Pt. 1

During this episode of The Confident Wealth Podcast with Bill Bush and Pete Bush, they interview Sean McAllister, Associate at Loeb Law Firm. Sean McAllister talks about Louisiana Revised Statute 9:315, understanding divorce and finance, and what to expect when children, pensions, property, and tax returns are involved.

 

Episode Highlights:

  • 00:29 – Bill Bush and Pete Bush introduce the subject of divorce.
  • 01:18 – Sean McAllister introduces himself and his work experience.
  • 02:00 – What was it that pulled Sean towards working in family law?
  • 03:15 – What makes divorce law different in Louisiana?
  • 05:30 – Are divorce stats in Louisiana the same as other areas of the United States?
  • 07:32 – What kind of expenses occur with divorce?
  • 09:06 – One way to prepare for financial downside of divorce is trying to agree on as many costly areas as possible.
  • 10:01 – How should a couple seeking a divorce go about dividing property?
  • 11:11 – In which ways does having kids complicate a divorce situation?
  • 14:38 – Sean McAllister discusses Louisiana Revised Statute 9:315.
  • 17:04 – How are tax returns affected by divorce proceedings?
  • 19:26 – What are some of the issues that come up with pensions and retirement funds during divorces?
  • 21:15 – Seek out financial advice.
  • 23:04 – How are tax returns affected by divorce proceedings?

3 Key Points:

  1. If you have kids and you are getting a divorce, the ex-couple has to live separate and apart for a year. If you don’t have kids, you have to live separate and apart for six months.
  2. The percentage of married couples that get divorced in Louisiana is about 22-25%.
  3. Financial stress is one of the leading causes of divorce.

Tweetable Quotes:

  • “We’re kind of a jack-of-all-trades firm, very multidimensional, work all across the entire state, do a lot of insurance defense, plaintive personal injury, family law. You name it, we will basically do it.” – Sean McAllister
  • “What made me want to be an attorney is that I’ve always been attracted to the idea of representing somebody, and family law is so individual and so personal that, going through a divorce is one of the hardest times in anybody’s life.” – Sean McAllister
  • “The trend across the country is that when the economy is going good, divorces are lower too and when the economy is going bad, divorces kind of go up. Divorces, the rates have been falling over the last couple of decades.” – Sean McAllister

Resources Mentioned:

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