DEVELOPING A FINANCIAL PLAN FOR DIVORCING COUPLES
It’s never really just about the numbers. Money is emotional, and our feelings about finances reflect what’s going on inside. This is especially true for divorcing couples making major money decisions that will impact the rest of their lives. So, how can we navigate those emotions and design a financial plan that makes sense for both parties?
Ivy Menchel is the Founder and President of Family Wealth Planning Partners, a firm that specializes in divorce financial analysis. She leverages her 25 years of experience in financial services to support matrimonial attorneys, divorce mediators and their clients in assessing their options for fair and equitable settlements. Ivy is committed to empowering divorcing couples to make sound financial decisions for today—and into the future.
On this episode, Ivy joins Katherine to share her experience as an adult child of divorce, describing how the circumstances influenced her work as a financial planner. She explains the advantage of having a financial neutral in the divorce process and speaks to the relationship between our emotions and money. Ivy also weighs in on the concept of financial infidelity in the divorce setting and the necessity of reassessing wants versus needs as a marriage ends. Listen in for Ivy’s insight around creating a financial plan in the aftermath of divorce and learn why it’s crucial for couples to communicate about money!
How experiencing her parent’s divorce inspired Ivy’s work
The relationship between our emotions and money
Why Ivy needs to know what money means to her clients
The benefit to having a financial neutral in the divorce process
The role of a financial neutral in the divorce process
- Data gathering
- Planning based on goals
- Explore options that work for both
- Divide assets + set up new accounts
Why divorcing couples must reassess wants vs. needs
The concept of financial infidelity in the divorce setting
Why it’s crucial for couples to communicate about finances
CONNECT WITH IVY MENCHEL
Call (212) 244-4702
CONNECT WITH KATHERINE MILLER
Miller Law Group
The New Yorker’s Guide to Collaborative Divorce by Katherine Miller