Latest / The Jon Sanchez Show / Divorce and Your Money: The Financial Reset No One Prepares For
Transcript
- Jon G. Sanchez, CEO: Wednesday afternoon to you. Welcome to the Jon Sanchez show on News Talk 780K, which is such a pleasure to be with you. I hope you're having a great day halfway through the week already. I can't believe it. Just a few more days to go. right, folks, thank you so much again, as I said, for joining me today. We have a day to day record setting session again for the NASDAQ, a record setting session for the S &P 500. No complaints on this end. Things go well. A couple more. you know, ships taken over by Iran, oil prices running up. I mean, what could have been normally bad news? brushed it aside. It's focusing now on earnings, our next new Fed Chairman, you know, all the things that we normally would be worried about or ⁓ about. That's exactly where we are. So will give you the market recap. But first, let me tell you what I have in store for you after that event is ⁓ taken of. I'm gonna talk about a subject that is very hard for many of you to discuss, but it is something that must be discussed because the odds are, I hate to say this, the odds are that most people, over 50 % based upon the latest stats, will end their marriage in a divorce. I know, it's staggering, it's heartbreaking. know, divorce can break your heart, but it can also absolutely break your finances. That is if you're not prepared. Even if you are prepared, there's gonna be pain, I'll tell you that. Today what I'm gonna be doing is I'm gonna be talking about I like to call the real numbers behind the divorce in America. Which groups are affected? The biggest financial mistakes I see people make during and after a divorce, and most importantly, how do you rebuild? ⁓ after this life changing devastating event. And I know some of you are saying, wait a minute, life changing, devastating, what are you talking about? What was the best thing in the world that happened to me? Well, that is wonderful and I'm glad for that. But there's a lot of people that, you know, again, maybe they're happy being away from their former spouse, but the financial reality is it's painful. I don't know of anybody that ever gets out of a divorce going, hey, that was this great and man, I walked away with everything and you know, on and on. It doesn't really happen to me that. But again, it's something that's becoming very prevalent. And what was really interesting when I was doing my research on this topic how the divorce rate is for the generation, the 20s to ⁓ 30s. Matter fact, they've now exceeded all other demographics when it comes to the divorce rate. Because you think about it, it's tough for young people these days, right? Obviously, you're married, you're trying to adapt to living with somebody else and all the changes that every one of us have gone through in a marriage. And then, of course, you get the financial strains, right? It's tough for young people these days. so the financial side, which is always the number one reason, not infidelity, nothing even comes close to the number one reason for divorce, and that is ⁓ money, And again, your imagination wonder. Maybe one person a spending problem, maybe one person ⁓ I mean, I had a client years ago that he came in and said that divorcing his wife. And of course I asked why and he said, well, because I just found out she had $75,000 of credit debt that I didn't know about. I'm like, devastating, but ⁓ is a reason divorce? And he said, the debt was incurred because of gambling. She's got a gambling problem. I've dealt with it for years and I can't do it anymore. So this was the icing on the cake. So again, money reasons are always number one for reason for divorce. what we need to do is we need a plan. Not that I by any means want this to happen to any of you, but if you're in the midst of it, you're thinking about it, there's many things that you need to be prepared for. And that's what I'm prepared to help you do. We're be talking about the income shock, the asset division confusion as I call it. The retirement is that ever a situation? Insurance gaps, estate planning Emotions when it comes to decision making on the financial side So there's a lot of different things again that we need to cover and I will and so therefore I'm gonna shut up and get down to the stock market side of things so that I can get to that Topic and help you out there All right. do you summarize today? Well, like I said market had every reason to pull back a little bit Like I said ships taking over oil prices going up, but it just brushed it aside we actually finished like said ⁓ with a gain of The Dow, again of the NASDAQ and the S &P, the latter two record closes. Here's the final numbers. Finished up 341 on the Dow, a 0.69 % gain to 49,490. Oh, just a couple strong days and we're back to that 50,000 mark again, then I'll be saying, hey, you know what, Dow's in record territory. The NASDAQ surging again, 398 points, 1.64%. The S &P rose 74 points or 1.05%. So strong across the board. Oil prices, they were strong. $3.45 increase to $93.01 a barrel. a decent day. $34.70 increase, 4,753.80 an ounce. And the bond market, man, I would not want to be a bond trader right now trying to make a living because things just are not moving. Another where we just closed unchanged on the 10-year treasury yield, 4.29%. So it was ⁓ a lackluster session there. So all ⁓ stars up. got the bond behaving itself. And other than the oil prices running up, everything else looked really, really strong across the board. we did get some ⁓ great performance on the Dow side of things thanks to Boeing. Now, they reported a loss, but the loss wasn't as big as everybody thought it was going to be, meaning the analysts. So just took off today five and a half percent gain of twelve dollars and twelve cents to thirty one twenty eight. So that helped out the Dow. Another big today was G.E.Vonova. What the stock does not get enough talking about. one of the spinoffs of the old GE days. It's a high-priced stock, $1,126.00 in a penny, but listen to this number, shot up $134.71, 13.59 % gain. And so that was fueled again by stronger than expected earnings numbers. Masco, $7.19 rise, 10.77%, another standout, closes at 73.95. United Airlines, though, stocks were down a little bit. United Air down $5.42, 5.58 % at $91.71. They cut their full year outlook due to a part, in large part I should say, to of course rising fuel costs. So I'm sure you're probably going to get other airlines. Speaking of airlines. Maybe some of you have traveled on Spirit Airlines. I did the last time that I traveled and I swore I would never do it again. It was the most miserable experience I ever had. And all of you know I hate traveling and that made it even worse. But here's why I'm bringing that up. The Trump administration is now saying that they're contemplating, and I think it's probably gonna happen based upon what I'm hearing and seeing, they're gonna bail out Spirit Airlines to the tune of about $500 million. So haven't seen the exact structure of it. I would imagine when we bail out other industries and other companies, we take ownership in them, kind like what we did with Intel. But I just wonder every time this happens, I just sit back and I go, man, I would be so if I was a rival CEO and government came to the rescue of one of my competitors. I mean, we all know those of us that have been around the block for a while, we all know how many times have these airlines gone bankrupt, but mysteriously, miraculously, they all rebound and they go on to make billions and billions of dollars. But I have to admit, unless a company is vital to, let's say, the defense, the security of our country, or something along that level of importance, personally have a problem with the government coming in and bailing out a company. I really do. Especially Airlines. They created bed that they're lying in right now, and I won't go into all the details, but they were poorly run for many, many. years, tried to do mergers and acquisitions that didn't work out, blew things up, but yet our hard-earned taxpayer dollars are going to come in half a half a billion dollars and bail them out. said, I just I have a hard time every time the government announces a bailout of a company. Again, unless it's critical to our US economy. You know, for example, I could see Boeing an example, right? We need that company as a as an economy, we need them. And you know, that company got them, Lord knows they had share of problems, but they seem to be riding the ship as the saying goes. And so let's say they weren't, and they were drowning and falling and falling. If the government said, OK, we're going to come in and buy a portion of you and support you and provide some capital, I would have no problem with that, because that is a company that is vital, in my opinion, to the US economy, to the industries, et cetera. But in airlines, mean, Lord knows there's enough of them. I don't know. Like I said, I just have a problem with that one. But we'll see what happens. Again, details are still kind of sketchy on it. Let me over to Tesla. They did report earnings numbers after the close. I will get you the exact numbers. I did not get a chance to look at them specifically, but a moment ago I was just checking the stock in the after hour recession and really was not budging much whatsoever. Let me give a fresh quote on that one for you here real quickly. Yeah, it was slightly positive as the intro music was beginning, but down $1.71 right now in the after hour recession, 0.44 % loss. to 385.80. This came about after a $1.09 gain in the regular session. Finished the day at $387.51 a share. I have that up. might as well just, let's just jump right into the numbers here. Yeah, so here it is. They had a miss on the revenue side. Let's see. Yeah, the initially rose about 4%, but yeah, obviously not there now. So earnings came in at 41 cents a share. Expectation was 37 cents. Revenue, again, a slight miss, $22.39 billion. Estimate was $22.64 billion. So let's see there's anything else. Revenue increasing 16 % to $19.3 billion compared to a year ago. Auto segment revenue rose 16 % to $16.2 billion from $14 billion a year ago. Boy, I tell you, you look at a scary chart. You look at their total income, where they were and where they are. ⁓ man, we are way, way down. from, like this ⁓ the quarter of 2023. They had 7.93 billion in net income, which was way above normal. don't remember if there was some unusual event. But ⁓ yeah, 7.93 like I said, fourth quarter. Now it's 47.7 million. So look and see how far they have dropped there. So anyways, like I said, we'll waste much time on this because the stock's just hardly budgeted on the. Okay, you're now up to date. back. I'll tell you what the golden bond market did today. Like I said, unchanged on ⁓ treasury. I'll tell what gold did. Then we're going to get into our topic. Divorce and your money, the final or the financial reset that no one prepares for. Let's wrap it up or turn it over, should say to Kristen Snow. Back to the Jon Sanchez show on News Talk 780 K which you get a record setting day for the Nasdaq and the S &P 500. We'll get to our topic divorce in your money just in a moment. up 341 on the Dow, the Nasdaq gained 74, the S &P higher by 398 points. My goodness. Alright, get to this topic. Again, tough to talk about, but something we must deal with because the odds are, you know, not your favor to stay married. Unfortunately, there's more than a % chance that you're going to end up in divorce. But know, divorce is one of the most, probably one of the most emotional things that a person can go through. liken it almost to the same pain that you go through when you lose a loved one. but can also be one of the most important financial turning points in your life. The emotional pain is obvious, ⁓ financial damage often hidden into it's too late. And that's why today I'm gonna talk to you about the challenges and the solutions. Because divorce may end a marriage, it does not, and let me repeat, it does not have to end your financial life, not at all. I've had many clients over the years that felt absolutely financially devastated. ⁓ when the divorce was over and then lo and behold, a few years go by, they're right back on their feet they just continue on and that's because they had a good understanding, they planned for it, they understood the whole process. So ⁓ between and when I go to break here at the bottom of the hour, I wanna go through basically 10 divorce statistics. And then we'll get into some solutions and things you need to be thinking about if this unfortunately happens to you. Because it's again, very, very interesting to look and see where divorces come from and so on and so forth. So let me get down to the data. recent data that I could find, I'll tell you, is 2024. I was stuck on 2022. And finally, I found some sites that had some i.e. data. So this is the ⁓ latest that can give you. But, okay, so as of 2024, the US divorce rate remains between 40 to 50 % for first marriages. But that number, here's the good news, has steadily declined over the past few decades. In fact, according to the CDC, the divorce rate in 2021 was 2.5 divorces for every thousand people, significantly down from earlier years. Now this shift can be attributed to changing social norms, an increase in the age at which people first marry, and better relationship education, okay? duration before divorce. So how about this? On a marriage that ends in divorce lasts eight years according to the US Census data. However, this varies significantly based upon factors like age, education, which cover in a moment, and geographic location. That's right, where you live, how you're educated, it has a big impact. For example, states ours, as well as Oklahoma, have consistently higher divorce rates ⁓ compared to states Massachusetts and Illinois. where the divorce rates are much lower. My third point, second marriages and divorce. This is a staggering number. The likelihood of divorce increases with subsequent marriages. Around 60 to 67 % of second marriages end in divorce compared to, as I said, 40 to 50 % of first marriages. Now, this trend is even more pronounced for third marriages where the divorce rate is 70%. Now these stats highlight the challenges that come with blending families, more complex financials, emotional situations in later marriages, et cetera. The divorce. One notable is the rise of the gray divorce, which refers to, of course, divorce among individuals age 50 and older. Since the 90s, divorce rate for this demographic has doubled. According to the National of Medicine, gray divorce can have significant financial and emotional impacts, particularly on women. who are more likely to face economic hardship after divorce. Speaking of economic hardship, how about this one, the financial impact of divorce? The financial cost of divorce in the United States varies widely, depending upon, of course, the complexity of the case. Now, according to Forbes, the average cost of a divorce in 2024 ranges between $7,000 to $15,000. But this figure can increasingly be more significant in high-conflict cases of those involving substantial assets. Additionally, the economic consequences of divorce can be long lasting with many divorced individuals reporting decreased income and financial security post divorce. Another interesting stat, number six point, divorce and education level. Education plays a key role, and I didn't realize this until I dug up the stat, plays a very key role in the likelihood of divorce. Individuals with a college degree are 30 % less likely to divorce compared to those without a degree. Higher education often correlates with better communication skills, financial stability, and delayed marriages, all factors that contribute to stronger, more resilient relationships. Like I said, didn't know that one. The impact divorce on children. Well, having children, of course, can delay or complicate the decision to divorce, but it doesn't always prevent it. Approximately 40 % of children, almost half of children in the US, experience parental divorce by the age of 18. Additionally, the US Census reports that single parent households often formed after divorce are on the rise with nearly 19 million children living with a single parent. eighth point, religious and cultural influences on divorce. This is another interesting one. Religion have a significant impact on marriage stability. According to Pew Research, individuals who regularly attend religious services are 14 % less likely to divorce compared to those who don't. contrast, those without any religious affiliation experience higher divorce rates with around 50 % of religiously unaffiliated marriages ending in divorce. Additionally, cultural attitudes toward divorce differ widely. For example, certain communities or religious groups, as we all know, may ⁓ at divorce as a last resort, influencing both the likelihood of divorce and the stigma that is attached to it. All right. How about if you lived with your current spouse before you got married? Listen to this one. who live together before marriage often experience higher divorce rates. That one shocked me too. I thought it'd be the opposite. According research from the Institute for Family Studies, couples who before getting engaged are 39 % more likely to divorce compared to those who do not live together before marriage. The trend highlights the importance of clear expectations and compatibility. discussions before cohabitation. And these factors often play a critical role in long-term marital success. then finally, my ⁓ point, the role of prenup agreements. Well, prenups were once considered just for the wealthy, not anymore. survey conducted by the Institute of Divorce Financial Analysis found that 63 % of certified divorce financial analysts, professionals that prenups help reduce the likelihood of contentious court battles during divorce. Additionally, prenups are especially beneficial for second marriages. i.e. the blended family, higher wealth, et cetera, where individuals often have more assets to protect or children from previous relationships to consider. so there's the stats. So what do we do with all this? How do we prepare for it if this unlikely, or I shouldn't say unlikely, this likely event happens? I've got the answers for you when we come back. Let's turn it over to Jack Saban. He's got news traffic on weather. Hello, Jack. Jon Sanchez, Shola News Talk 780K OH, happy Wednesday to all of you. Alright, once again a record-setting day for the NASDAQ and the S &P. NASDAQ finishing up 397 points, 398 to be exact, rounded up a bit, 1.64%, S &P rose 74 points, 1.05%, and the Dow a 341 point increase. Alright, we're talking about again a very difficult subject to discuss, but one that must be, and that is divorce and your money. So I'm gonna continue on with getting into ⁓ some that you may encounter in a divorce. Very, very common that we see among our clients and people I've known. We're gonna start with the first one. I'm gonna title this, challenges the divorcee faces, okay? The income shock. Now, ⁓ people will go from, just say a comfortable lifestyle, right? You've got, Maybe two incomes or maybe one income, you got a stay at home spouse. I can't say it's a wife anymore. Sometimes it's the man, you're comfortable, right? And then the divorce happens. Now what happens? One household becomes two households, same income base. Now you've got two rents or two mortgages, two utility payments. Maybe you have to go get another car. You got two insurance setups. You got basically two separate lives. So what we see happen a lot is, One of the spouses generally, sometimes it's both, again, end up taking a reduced lifestyle, as I call it, ⁓ they can't, you know, they've got just one income now. And if that spouse, like I was a stay at home person, they've got to go find a new job. They got to basically start a new career. ⁓ Really, really for people that have been out of the workforce for any number of years, especially as fast as things are changing due to AI. So it is an income shock to say the very least. And I'll just kind of rephrase that and really call it a lifestyle shock, right? very, very difficult to go from ⁓ comfortable in a two income or two person household. ⁓ now everything is basically, I said, double in cost. Let's go to the second challenge, the asset division confusion. as we all know, fly extremely high during a divorce. And the most ridiculous things in the world can be fought over. No, I want that painting. It has no value, but it has sentimental value to me. No, I want that one. And you end up fighting the person. Well, remember, that clock with that attorney is clicking and ticking every that that attorney ⁓ has hear this or give you advice on that. So what may be a worthless asset, like a painting, that really has no value, just emotional value to you, may end up costing you thousands of dollars in attorney costs. So it's very important not to let your emotions get the best of you in the midst of a divorce. People focus too much on who gets what, really kind of the revenge factor, But not whether they get it in equal value. This is another issue, the after-tax value. many times we are dealt with, you we get a divorce decree. And to say it's Salmon and Mary, right? And the divorce decree, which is very typical here in Nevada, says, all right, you got to split that 401k or that brokerage account 50-50. Well, the question then boils down to, well, OK, if you got a portfolio of, let's say, a bunch of stocks, who gets what? Right? Let's say you got a portfolio of 20 stocks. Do you just split it right down the middle and say, you're going to get the first 10 and Sally's going to get the other 10? No, you can't do that. So this is where it gets really messy. And from a financial advisor standpoint, There's no way of knowing again in the future out of those 20 stocks which 10 are gonna the best, which 10 are gonna do the worst. So what we generally will recommend, assuming taxes are not an issue, so it's really easy in a retirement account or a 401k, liquidate darn thing and let spouse start over. Because we gotta remember too, post divorce, you're gonna be in a different financial situation, your risk tolerance, your goals, et cetera, are probably gonna change. ⁓ So very likelihood that those investments that you owned while you were married, are not going to be appropriate for you while you are divorced. So keep that one in mind. But remember, you got to look at the after-tax value. I shared a story with you guys, I don't know, month or so ago. I got a call from a client, I don't know, it wasn't long ago, six months or so ago, and said, you he got a divorce. It was like, I don't know, 17 years ago. And it's kind of hard to believe, but I believe the guy. and got a divorce. He had a nice 401k, about half a million, or actually it was about $300,000 at an employer. Got a divorce. She was supposed to get half of it. Well, somehow, someway, he didn't bring it up to her and she and her attorney forgot about it. Then all of sudden out of the woodwork, 17 years later, here comes basically the attorney writing a nasty letter saying, you owe my client, which was $300,000 at the time of the divorce, the current market value. It was now worth $500,000. So he was devastated, devastated. Now, should he have known and brought it up? Probably, and I told him that. But those kind of things happen, right? And so you always have to look and see future value of the investment, if things are going to be sold, who's going to pay the taxes, ⁓ on on and on. And I'm to get to the tax side of things because you've got to be really careful of what you do when it comes to the home. But even on a taxable brokerage account, if you're going to sell it, are you going to sell it post-divorce or pre-divorce? That's something you have to make a decision on. Third point is the retirement damage. I can't tell you the damage that is done to ⁓ and if it's the grade divorce, age 50 or over, because you getting into the prime in the final years of your highest ⁓ income earning You've done a great job saving in the ⁓ 401k and all of a sudden, you're gonna lose of it to the spouse. Where does that leave you? Are you gonna be ⁓ essentially starting over? I mean, maybe had a half a million, or excuse me, maybe you had a million dollar 401k. And now you've got a half a million dollar 401k. Well, let's look at the numbers, right? If you do a 6 % withdrawal rate on a million dollar portfolio, that's $60,000 a year you were looking at when you were married. Now you've got a half a million, 6%, that's $30,000 a year. So significant, significant impact to your retirement. Many times I see with clients that, again, get divorced later in life, they never end up retiring. They can't afford it anymore. So you've got to keep that in mind. and do some really good negotiations in the whole entire divorce process. Same thing comes to ⁓ pensions, security savings. mean, anything. all has be factored in. And what I've seen, and isn't to bash attorneys or anything like that, but you need to be very careful when you are selecting an attorney to represent you on a divorce. ⁓ You need to be very that you are selecting an ⁓ attorney ⁓ that has some financial knowledge experience, I've seen a lot of attorneys over the years that they had no idea. They didn't understand present value versus future value. They didn't understand social or pension strategies or anything along those lines. ⁓ And just say, all right, you're just going to lose half of it with no strategy behind So you got to be very careful. There are people you can hire, sometimes a CPA, a advisor, if they're a family advisor, you can hire them to you. and guide you through that entire process because you're talking significant sums of money and you don't want to make a mistake. I've seen it way too many times. Next one is the insurance gap. This is another eye opener when divorce occurs. You're maybe on your husband's insurance policy. Well, guess what? You're divorced. Now you're not. Now you got to go out and buy your own insurance policy or see if you, your if you are going to go back to work because the employer offer that. Health insurance a big one. ⁓ Life insurance a big one. ⁓ And especially as I always recommend, and when we talk about estate planning, you need to make sure that you check your beneficiaries after that divorce is over, because most likely you had your ex-spouse as beneficiary on life insurance, IRAs, 401Ks, et cetera. life insurance, disability protection, all that needs to change immediately after the divorce. Now speaking the estate planning problems, boy, I tell what, this is the time that you want to sit down and have a thorough review of your wills, your trust, your powers of attorney. health care directives, financial directives, everything those, and as I said, the beneficiary designation, because all of that's gonna change. That trust that you had when you were married, no good anymore, right? It's no good. So you have to go get a new trust or whatever your plan is gonna be, ⁓ but that that you had when you were married, no bueno anymore. you gotta do about that. again, gotta be another cost to have another trust or estate plan created. And then the emotional decision side of things, this is where it gets so tough. As I said earlier, the worst financial decisions are made right in the middle of the divorce. And again, especially if you have an attorney egging you on, most attorneys will kind of play it down the middle and say, OK, calm down a little bit. Let's really see if this makes financial sense. But your emotions are going to be running very high. You're losing the spouse you've been with for many, many years. If there's children, that's another emotional side of it that I'll discuss when we come back from the break, but also the financial side of it. So there's a lot of things going against you mentally. during a divorce and we tend not to make the best financial decisions there. So that's why again you want to bring in a team to have cool heads and really look out for the best you and in your future because like said one wrong mistakes, know, having one wrong sentence in that divorce decree can can really devastate you for the rest of your life. All right, financial moves every divorcee needs to make. I'm going to cover those and wrap it up when we come back. Speaking of it, I can say Kristen Snow, wrap us up in the Right Now Traffic Center. Welcome back to the Jon Sanchez Show and News Talk 780K, which divorce and your money has been my topic. Let's get down to the final pieces of this. I've titled this next segment, the five financial moves that every divorcee must make. Number one, build a new cash flow plan. As I said earlier, things have changed dramatically. Incomes have been cut. Assets have been split. Everything changed. So figure out what life is going to cost you now post-marriage. not what it used to cost you when you had two people expenses, double incomes, so on and so forth. I this happen way too often. People try to post divorce the way they lived pre divorce. And obviously in most cases that does not happen. So a new cashflow plan is a must ⁓ sooner rather later. Matter of fact, even when you're going through the divorce, if you got a good idea what this final settlement is gonna be, do it then there's no shock and no time loss. post divorce once you sign that decree. separate the emotions from the economic side of things. Don't, I said earlier, don't fight for an asset just because it feels symbolic, just because you're trying to get retribution against the ex. Don't do that because it ends up costing you in the long run, not only emotionally, but like I said, a lot of times I've seen it with people, they'll fight something that has no value. ⁓ And before know it, they get an attorney bill for a couple thousand dollars and what they were fighting for was worth $100 or worth nothing whatsoever. So be very careful what you fight for. Number three, I wish I got to do an entire show on this one because I feel bad just telling you the high level of this, but the taxes, right? Review the taxes before you sign anything. Pre-retirement money, home equity, alimony rules, filing status, capital gains, all of these things matter. I'll give you one little tidbit that is very important that a lot of people don't know about. You have a primary home, right? You're married, you can sell it, you can make a half a million dollar profit. That is, if you're married. But there are very specific rules that obviously I don't have time to go into about what if you sell it after divorce. You got the two to ⁓ living there out of the last five years, so on and so forth. ⁓ But things really messy. know, the judge, let's say, gives it to one spouse. Here's where things can, just a little tidbit I'll share with you. Many people don't this. But if that home is transferred to one spouse, let's just say to the wife, she's the recipient. Guess what? She's also the recipient of the cost basis on that house. So now she only has a $250,000 tax exclusion, not 500 like when she was married, but now she has the same cost basis as if she was married. So a whole other set of rules and things you have to follow for the retirement accounts, the house, other assets that have capital gains, et cetera. Very important you understand that and have a good accountant behind you or financial advisor. four, update every ⁓ ⁓ Beneficiaries, wills, trust, powers of attorney, medical directives, financial power of attorney. You gotta update everything. Like I said earlier, if you don't, I mean, that trust that you may have had when you were married, it's invalid. The ⁓ directive, invalid. The financial power of attorney, invalid. The pour over will, invalid. Plus it has people in there that you probably don't want, i.e. your ex-spouse. So with us, meet with anybody to get that trust and that estate plan created and done correctly. And number five, I want you to rebuild with intention. See, a divorce isn't just about protecting what is left, right? The crumbs, as many people call it. It's about creating the next chapter with purpose. Creating the next chapter for both you yourself personally and financially. again, I have seen people just feel obviously absolutely devastated both emotionally and financially after divorce with proper counseling and guidance by professionals. A couple years go by and they're on their feet. They're sometimes farther ahead than where they were before because they got this new lease on life. ⁓ want to work hard. They're very frugal about their money. There's all kinds of advantages. So don't think that life comes to an end just because of a divorce either emotionally or financially. But again, the best advice I can give you, please develop a team. This is not something you want to do yourself. Your emotions are way too high, you're not thinking clearly. So bring in a great team to represent you, great attorney, financial advisor, CPA, so on and so forth, and will survive and you will prosper. God bless. a great afternoon. We'll do it again tomorrow on the Jon Sanchez Show. Take care.