The Confident Wealth Podcast
Pete Bush & Bill Bush: Horizon Wealth Management Financial Advisors
The Confident Wealth Podcast is a production of Horizon Financial Group. Each episode explores tips, strategies, and perspectives for building, maintaining, and growing CONFIDENCE in your financial life. Registered Representatives offering securities and advisory services offered through Cetera Advisors LLC, member FINRA/SIPC, a broker/dealer and a Registered Investment Adviser. Cetera is under separate ownership from any other named entity. 15015 Jamestown Boulevard, Suite 100, Baton Rouge, LA 70810
Categories: Business
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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 discusses how married couples can protect themselves from potential divorce issues, prenuptial agreements and post-prenuptial agreements, budgeting, and domestic cohabitation contracts.
Episode Highlights:
- 00:28 – Bill Bush and Pete Bush introduce Sean McAllister and recap the previously discussed points from Family Law & Finances- Pt. 1.
- 01:01 – How does Sean McAllister recommend that married couples protect themselves from potential divorce issues?
- 02:02 – Prenuptial agreements and post-prenuptial agreements aren’t really that common.
- 04:12 – What are examples of when it would be a good time to consider a post-prenuptial agreement?
- 04:50 – How does a domestic cohabitation contract protect marriage partners?
- 07:20 – What is Sean’s advice for someone to create a budget to work their way through these divorce protections?
- 09:43 – Family homes aren’t always paid off at the point of a divorce split.
- 12:05 – Divorces can be a long drawn out process. Set money aside for court costs and living expenses.
- 13:39 – What happens when you fail to inform yourself about your spouse's assets on the side?
- 17:20 – Don’t forget to change your insurance and retirement benefit beneficiaries when you get divorced.
- 19:58 – Make sure your divorce attorney is a good fit with you and your needs.
- 22:17 – What are some of the resources that people getting divorced should use?
3 Key Points:
- The nuclear family is diminishing in favor of other alternative living arrangements, such as brothers and sisters living together or parents with their kids.
- Create a budget that includes the cost of living without your partner, emergency funds, and expenses you wouldn’t normally incur back when you were married.
- Money doesn’t care about your pride.
Tweetable Quotes:
- “Louisiana calls for matrimonial agreements, which basically say you can contract anything that isn’t against public policy, public policy being stuff like you can’t contract out of paying child support.” – Sean McAllister
- “I encourage prenups in situations where somebody has a child from outside of the marriage and brings it into the marriage and there are certain protections you can take to protect that child’s interest or inheritance.” – Sean McAllister
- “Contracts in Louisiana, if you are a couple and you are not married, you can still make contracts and protect yourself. But Louisiana is a civil law state. It is not common law. So, there is no common law marriage or anything.” – Sean McAllister
Resources Mentioned:
- Horizon Financial Group
- The Confident Wealth Podcast
- bbush@horizonfg.com
- pbush@horizonfg.com
- Linkedin: Sean McAllister
- Sean McAllister’s Email: smcallister@loeb-law.com
- Sean McAllister’s Phone Number: (985) 612-1946
- Loeb Law Firm: loeb-law.com
- Louisiana Revised Statute 9:315: justia.com/codes/louisiana/2011/rs/title9/rs9-315/
Previous episodes
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36 - Divorce: The Effect on Finances & Family, Pt. 2 Wed, 24 Jun 2020 - 0h
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35 - Divorce: The Effect on Finances & Family, Pt. 1 Thu, 11 Jun 2020 - 0h
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31 - Confidence in the Face of Fear Fri, 20 Mar 2020 - 0h
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30 - Defending Cybersecurity Threats in Your Financial Life Wed, 19 Feb 2020 - 0h
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29 - Lessons from a National Title Fri, 31 Jan 2020 - 0h
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28 - The Value of a Financial Advisor: Leaving a Legacy, Life Transitions, and Caring for Others Thu, 15 Aug 2019 - 0h
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27 - The Value of a Financial Advisor: Preparing for Retirement Fri, 28 Jun 2019 - 0h
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26 - The Value of a Financial Advisor: Organizing, Monitoring & Guiding Wed, 19 Jun 2019 - 0h
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25 - The Value of Financial Advisor: Budgeting & Cash Flow Fri, 31 May 2019 - 0h
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24 - The Value of a Financial Advisor: Managing Inherent Risks Tue, 14 May 2019 - 0h
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23 - The Value of a Financial Advisor: Managing and Minimizing Taxes Wed, 20 Mar 2019 - 0h
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22 - The Value of a Financial Advisor: Planning & Managing Investments Wed, 06 Mar 2019 - 0h
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21 - The Value of a Financial Advisor: Laying the Tracks Thu, 07 Feb 2019 - 0h
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20 - The Value of a Financial Advisor: Building a Roadmap Wed, 23 Jan 2019 - 0h
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19 - The 411 on 529's: Saving and Paying for College Education Tue, 16 Oct 2018 - 0h
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18 - The Illusion of Wealth Fri, 31 Aug 2018 - 0h
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17 - Distracted Finance Wed, 15 Aug 2018 - 0h
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16 - The 401(k)onfidence System Mon, 30 Jul 2018 - 0h
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15 - The Knowns and Unknowns in Your Financial Life Mon, 09 Jul 2018 - 0h
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14 - The Invisible Tax Called Inflation Mon, 18 Jun 2018 - 0h
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13 - Questions? Tue, 01 May 2018 - 0h
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12 - Cyber Security: How Exposed Are You? Wed, 18 Apr 2018 - 0h
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11 - Wealth and Health with Dr. Curtis Chastain Mon, 02 Apr 2018 - 0h
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10 - Building an Exit Strategy Mon, 19 Mar 2018 - 0h
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9 - All About Retirement Plans with Andy Bush Thu, 01 Mar 2018 - 0h
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8 - The Real Deal About Retirement Plans Thu, 15 Feb 2018 - 0h
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7 - Your Financial Matrix Thu, 01 Feb 2018 - 0h
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6 - The Confident Wealth Experience Fri, 05 Jan 2018 - 0h
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5 - Completing the Scorecard Tue, 19 Dec 2017 - 0h
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4 - Wealth Building & Cash Management Mon, 27 Nov 2017 - 0h
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3 - More With The Scorecard Wed, 25 Oct 2017 - 0h
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2 - Keeping Score Tue, 10 Oct 2017 - 0h
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1 - It's About Confidence Tue, 26 Sep 2017 - 0h