#Financial process for couples finances professional

#Financial process for couples finances professional

“Finances, financial projections and analyses aren’t taught in law school – and good divorce attorneys understand they don’t have the expertise and/or the time to handle the financial complexities of their clients’ cases.” This means that more and more divorce attorneys are now encouraging their clients to hire a skilled CDFA professional to assist in their case. “Today, it’s not unusual for marital assets to include residential and commercial real estate, sophisticated financial investments, complex employee compensation packages, and closely-held businesses or professional practices,” he says. The author of Divorce: Think Financially, Not Emotionally (Sourced Media Books, 2012), Landers adds that divorces are now much more financially complicated than they were just ten or 15 years ago.

Landers, a CDFA professional based in New York, NY. “And when people are going through a divorce, they must keep their focus on the money,” says Jeffrey A. If marriage is all about love, then divorce is all about money. When clients realize this, the conflict becomes manageable and cases settle,” Reckers concludes. As a CDFA professional, he helps couples to “realize their financial conflicts are usually just difficult decision-making processes set against the back-drop of competing goals and values. “Research is telling us to be cautious because these financial disagreements may have been the building blocks for the conflict that ended their marriage in the first place,” Reckers points out. During their divorce, a couple may be playing out the same financial conflicts they had during their marriage. “Now we have empirical evidence proving this is the case across all socio-economic classes.” Disparate goals and values around money coupled with the power and control financial prosperity represents makes money a common battle ground in marriages, Reckers adds. Reckers, a CDFA professional based in Dan Diego, CA. “I have long believed financial disagreements to be the most common cause of marital conflict and ultimately divorce,” says Justin A. “If there are no children, then basic incompatibility and communication problems follow on the heels of money problems.”

“During the divorce, the two most contentious issues are usually finances and children – in that order,” says Dan Couvrette, publisher of Divorce Magazine. In a poll conducted by this summer, the leading cause of divorce was found to be financial issues, followed closely by basic incompatibility. According to the study, financial disagreements were the strongest disagreement types to predict divorce for both men and women. In the study, researchers Jeffrey Dew, Sonya Britt, and Sandra Huston examined data related to what couples argue about – including children, money, in-laws, and spending time together – and then looked at which of those couples were divorced four to five years later. 2012), looked at data for 4,574 couples as part of the U.S.-based “National Survey of Families and Households”. “ Examining the Relationship Between Financial Issues and Divorce,” published in the Family Relations journal (v. This may help to explain the difference in findings between this survey and the findings of a 2012 academic study. Several of the CDFA professionals surveyed noted that the most commonly-cited cause of divorce they hear from their clients – “basic incompatibility” – is usually created by deeper issues somewhere in the relationship – usually an emotional, physical, or financial breech of trust. “The incompatibility is usually caused by one or more of the other choices,” another CDFA professional added. “The emotional connection of money with safety and security in many people makes the financial disagreements more salient than other disagreements.” “Many couples lack the communication skills necessary to navigate financial disagreements in their marriage,” noted one respondent.