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Melinda Eitzen Podcast with Adam Mundt
Manage episode 408364424 series 3543092
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Melinda Eitzen Podcast with Adam Mundt
(amundt@mcclure-lawgroup.com)
About the Guest:
Adam Mundt is a lawyer (Certified Public Accountant) that works at McClure Law group.
Episode Summary:
In this episode of the Melinda Eitzen show, host Melinda and guest Adam talk about how to position yourself better financially before and during the divorce process. Melinda and Adam discuss the importance of considering the tax effect on various assets when considering a divorce settlement and highlight some financial issues to be aware of when divorcing.
Key Takeaways:
An exclusion will take money off the top on the sale of a house before taxes; up to $250,000 per person.
A ROTH IRA is post-tax dollars. When paying out it has already been taxed.
An IRA you are not taxed on, but it is taxed on the way out.
If you make too much money you cannot open a ROTH IRA.
Tracing experts track down whether property is shared or separate.
Community property will be split between the two parties and separate property will not.
Always keep your documents before, during, and after marriage because the burden of proof is on you to prove that property is separate.
You should try and keep your assets in the same place so that it is easier to track.
Keep in mind the value of items and whether it is worth paying a lawyer to fight for them.
When dealing with a divorce it is important to contact a professional.
Notable Quotes:
“You, me, and Elon musk get at least $250,000 off the top of the gain (when selling your house) ….” [This is known as an “exclusion” when selling your house]. Adam Mundt
“A dollar in my bank account is not the same as a dollar in my retirement account… unless it’s a ROTH.” Melinda Eitzen
“You never want to be pin pales with the IRS.” Adam Mundt
“We like to find that something (property) is separate, because it goes 100% to the person that proves that it’s theirs.” Melinda Eitzen
“Whenever we have experts that are tracing (money or assets) … the less movements that you have the easier it is to trace… in that case less is more.” Adam Mundt
“Is the juice worth the squeeze? … how much is it going to cost to do the basic work to trace or prove facts at the courthouse?” Adam Mundt
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