Tag: Retirement Strategy
Divorce & Its Impact on Retirement Planning with Julia Black (Ep. 31)

Divorce & Its Impact on Retirement Planning with Julia Black (Ep. 31)

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Divorce can be a financial earthquake, especially when it comes to retirement planning. 

The emotional toll is high, but the financial stakes are even higher—splitting assets like 401(k)s, pensions, and real estate can leave your retirement plans hanging in the balance. With divorce rates continuing to climb, knowing how to navigate these turbulent waters is essential.

Jim Kruzan, CFP®, CRPC®, Senior Wealth Advisor at Kaydan Wealth Management, teams up with Julia Black, a top family law attorney, to unpack the critical steps you need to take to help protect your financial future. 

From navigating prenuptial and postnuptial agreements to understanding how recent changes in alimony laws impact your tax situation, this conversation covers the key strategies that will help you avoid common financial pitfalls during divorce.

Key Highlights:

  • Divorce’s Impact on Retirement: Divorce often means splitting assets, like 401(k)s and pensions, which can disrupt your retirement plans and cash flow.
  • Prenups and Postnups: Julia explains how these agreements can protect your assets and why postnuptial agreements may not always hold up in court.
  • Commingling Assets: Mixing inherited or pre-marital assets with marital property can lead to costly complications. Learn how to keep assets separate to protect them during divorce.
  • Qualified Domestic Relations Orders (QDROs): Find out how to properly divide retirement accounts, like 401(k)s, using a QDRO, and why federal compliance is essential.
  • Alimony After 2018: The new tax laws have shifted how alimony is structured, making it more important than ever to help ensure your financial independence after a divorce.
  • Social Security Benefits: Julia shares tips on how to leverage your ex-spouse’s Social Security benefits to boost your retirement income if you meet the eligibility requirements.
  • Avoiding Common Divorce Mistakes: Avoid missteps like commingling assets or locking into non-modifiable alimony agreements, which can lead to long-term financial stress.
  • And much more!

Resources:

Connect with Jim Kruzan: 

Connect with Julia Black:

About Our Guest: 

Julia grew up in Oakland County and has always served clients in Genesee County and throughout Michigan. She graduated with honors from the University of Michigan, double majoring in economics and psychology, before earning her law degree from the University of Iowa, where she also completed a master’s in business specializing in industrial and labor relations. 

Julia was a partner at a law firm in Flint Township before founding J. Black & Associates in 2004. For the past 20 years, her firm has focused on domestic relations law and civil litigation, particularly for small businesses. Julia is widely recognized for her work on qualified domestic relations orders, assisting clients and other lawyers with the division of retirement funds. 

She has been recognized in Super Lawyers Magazine for the past eight years, placing her among the top 5% of lawyers in Michigan. Julia’s extensive experience in domestic relations law makes her the ideal guest to explore today’s topic on the impact of divorce on retirement plans.

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Please note, the content in this episode is for informational purposes only and should not be considered legal, financial, or tax advice. While we strive to provide accurate and up-to-date information, this episode does not substitute for personalized guidance. We recommend consulting a qualified professional for advice regarding your individual circumstances. Neither the podcast hosts nor our guest today are liable for any actions taken based on this information. Listening to this episode does not establish an attorney-client relationship with our guest or any law firm.

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The Balancing Act of College Savings Versus Retirement Savings with Darren Brennan (Ep. 30)

The Balancing Act of College Savings Versus Retirement Savings with Darren Brennan (Ep. 30)

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What if you could save for both your child’s education and your retirement — without feeling torn? 

Join us for this episode of The Retirement Engineer as Jim Kruzan, CFP®, CRPC®, Senior Wealth Advisor and Founder of Kaydan Wealth Management, along with Darren Brennan, Wealth Manager and CFP®, break down the strategies you need to successfully balance these competing financial priorities.

Learn how you can prioritize retirement while still setting aside funds for your child’s education without jeopardizing your financial future.

Key Highlights:

  • The Cost of College vs. Retirement: With college costs rising 9% annually — far outpacing inflation — strategic planning is more essential than ever
  • Prioritize Retirement First: Discover why planning your retirement is vital before focusing on college savings, and how tools like Roth IRAs can serve both goals
  • Smart Savings Tactics: Explore the 50-30-20 rule and the benefits of 529 plans, which allow family members to contribute
  • Family Conversations: Learn how to discuss financial expectations with your kids, ensuring they contribute and understand the value of education
  • Scholarships and Financial Aid: Find out how scholarships, FAFSA, and financial aid can ease the burden, along with budget-friendly alternatives like community colleges and work-study programs
  • And much more!

Resources:

Connect with Jim Kruzan: 

Connect with Darren Brennan:

About our Guest: 

Darren Brennan, CFP®, CRPC® is responsible for delivering the full spectrum of wealth management to our clients. Darren is a key member of Kaydan Wealth Management’s Investment Policy Committee and also supports the Senior Wealth Advisor with the creation and maintenance of client’s financial plans.

 

“My goal is to help our clients build and preserve their wealth. I want them to feel confident in the work we do for them so they can enjoy their retirement.”

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