DIVORCE FOR THE WEALTHY WOMAN

BROOKE SUMMERHILL has written a new book to address "Divorce and the Wealthy Woman." https://youtu.be/FFSeBg3XT8M In this conversation, Brooke discusses the complexities of divorce, particularly focusing on the financial aspects that wealthy women face. She emphasizes the importance of understanding one's balance sheet, hiring the right professionals, and navigating complex assets during divorce. The discussion also covers the emotional components of divorce, the significance of having a supportive team, and the benefits of open conversations about finances, including the role of prenups. Takeaways from "DIVORCE FOR THE WEALTHY WOMAN" Divorce can be a daunting process, especially regarding finances. Understanding your balance sheet is crucial during divorce. Breathing and staying calm can help alleviate anxiety. Hiring the right professionals is essential for navigating divorce. Complex assets require specialized knowledge and support. Cash flow planning is vital for post-divorce stability. Parenting during divorce needs careful planning and support. Open conversations about finances can strengthen relationships. Prenups can facilitate healthy discussions about money. Divorce is a journey that can become easier with the right support. Chapters 00:00 Introduction to Divorce and Finances 02:58 Understanding the Balance Sheet 05:45 Navigating Complex Assets in Divorce 09:05 Building Your Professional Team 12:04 The Emotional Component of Divorce 15:09 Modeling Settlements and Cash Flow Planning 17:56 Parenting and Financial Responsibilities 20:41 Preventative Measures and Financial Awareness 23:53 The Role of Prenups in Marriage and Divorce Transcript of "DIVORCE FOR THE WEALTHY WOMAN" Frazer Rice (00:01.186) Welcome back, Brooke.Brooke Summerhill (00:03.378) Hi, thanks so much for having me. I'm so excited to be here. Let's chat about the most fun topics in the world. Divorce and finances, right?Frazer Rice (00:09.952)Well, and codified in your new book, Divorce for the Wealthy Woman. I have already started, and I think it's a winner for a bunch of reasons. The big one really is addressing a viewpoint that I think has been missed by the financial books generally speaking,Brooke Summerhill (00:15.794)Mm-hmm. Frazer Rice (00:31.086)It really corrects a problem, I think, around information asymmetry in finances generally. And unfortunately, we've both been around it from a divorce perspective. Tell me what, first of all, let's let our listeners remind themselves of your practice. And what do you do there? And then what was the book trying to accomplish? https://www.amazon.com/Divorce-Wealthy-Women-costs-that-ebook/dp/B0G1ZMFVCN/ Brooke Summerhill (00:53.554)Okay, so hi, I'm Brooke Summerhill. I do specifically for the last like 15 years in finance. Specifcially in the last five specifically in divorce and finance for wealthy women. So I'm not very creative my book specifically and my podcast is literally called divorce for the wealthy woman. I love being able to understand the perspective of someone going through divorce,not feeling the fire, and creating a years long fight. I help alleviate the stress of divorce and go through the finances, the emotional aspect, I'm in financial psychology. I've been doing that and I plan on continuing doing that. It's a fun, fun, fun career path for me.Frazer Rice (01:40.526)One of the great things I think about your book is it starts where I start. You really have to be comfortable with what your balance sheet looks like. Take us through a little bit about your experience in helping wealthy women get acquainted with something they weren't familiar with initially. However, they have to get familiar with it real fast.Brooke Summerhill (02:03.014)So typically, you go to a lawyer . You're about to get divorced and it was blindsided in your face. my god, what is going on? He wants to get divorced or she wants to get divorced. Doesn't matter who you are, heterosexual couple or not. It does not matter. You might not know where the finances are, right? And you're going to a lawyer. You expect them to help you out, but you don't even know where the assets are. You don't know it's on the balance sheet. So the first step is breathing.Let's not get into this sympathetic nervous system. No fight or flight, freeze, thaw, and let's not go there if we can't avoid it. And really just breathe and understand it's going to be OK. That's the first thing I want to just point out is you can do the work on yourself without having to do hard interval training. You can just breathe. So you're going to breathe and understand, OK, the balance sheet. I can figure this out. You got it. And you might need to hire someone like myself who's a certified divorce financial analyst, you might have your lawyer help you. You might ask your soon to be ex if they're willing and amicable to understand the balance sheet. You might go to a financial advisor, wealth manager, your family office and ask some ...