Navigating High Net Worth Divorce with Patrick KilbaneIn this episode of How to Split a Toaster, Seth and Pete dive into the complexities of high net worth divorce with special guest Patrick Kilbane. As a wealth advisor and former family law attorney, Pat brings unique insights on how to think about your money before, during, and after divorce, especially if you fall into the high net worth category.Seth and Pete explore key financial considerations in high net worth divorces, such as dividing complex assets, understanding tax implications, and planning for your long-term financial future. Patrick shares his expertise on helping clients make informed decisions that align with their goals, even during the emotionally challenging process of divorce.Questions we answer in this episode:
* How do you think about money during and after a high net worth divorce?
* What are common financial blind spots for high net worth individuals going through divorce?
* How can a wealth advisor help navigate the complexities of high net worth divorce?
Key Takeaways:
* It's crucial to understand the long-term financial implications of divorce settlement decisions.
* Working with a wealth advisor can empower you to make informed choices about your future.
* Dividing assets in a high net worth divorce requires careful consideration of tax consequences.
This episode is a must-listen for anyone facing a high net worth divorce and looking to make smart financial decisions. Seth, Pete, and Patrick offer valuable insights and practical advice to help you navigate this challenging process and set yourself up for long-term financial success.Links & Notes
* Patrick’s book Move Forward Confidently ( www.amazon.com/Move-Forward-C... )
* Visit Patrick on the web ( www.ullmannwealthpartners.com... ) or LinkedIn ( / patrick-kilbane-a4755562 )
* Schedule a consult with Seth ( nelsonlg.com/contact-us/ )
* Got a question you want to ask on the show? Click here! ( howtosplitatoaster.com/ask-a-... )
00:00 - Welcome to How to Split a Toaster
00:26 - Meet Patrick Kilbane
02:02 - Patrick’s Background
04:45 - How to Think About Money
10:47 - What Usually Happens in High Net Worth Cases
11:39 - Sophistication Gap
16:38 - Leeway in Framing Items in Affidavit
21:04 - Common Questions
32:12 - First Things to Do
39:20 - Long Term Incentive Plans
42:16 - Patrick’s Book and Contact Info
45:11 - Wrap Up
How to Split a Toaster: A Divorce Podcast About Saving Your Relationships
Episode 18, Season 9
July 2, 2024
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