Money Matters with Jim Doyle
Episode 7: Divorce & Money – The Unplanned Journey
What is this show about?
Jim Doyle of Doyle & Associates Private Wealth Management and his guests, Marcus Sixta of Crossroads Law, Yuval Berger of Hindsight Counselling, and Rahul Aggarwal of CleanDivorce, explore how separating or divorcing couples find themselves on an unplanned journey. Two choices are paramount – one is choosing your divorce style – litigation, mediation, or collaborative divorce – highlighting the importance of choosing appropriate legal counsel; the other is adjusting to your new financial realities which will require some planning. This show examines different models of separation and divorce, ways to make the process move forward – and a troubling new trend – Grey Divorce….
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What was the motivation behind the show?
While talking about money is difficult at the best of times, divorce is a traumatic event few couples are well-prepared for. Unfortunately, in this highly emotional state, little thought is given to the different models of divorce and which one will best serve the needs of all involved. I’ve seen the effects on families who have lost the process to lawyers. From power imbalances to not understanding what they’re being asked, many people are not prepared, emotionally, or financially to make decisions that are being asked of them. My motivation: to help them be better prepared for this unplanned journey.
I’ve seen the effect that divorce has on families that often felt powerless to engineer an outcome that met their needs, the needs of their spouse, and the needs of children. I got my Certified Divorce Financial Analyst (CDFA) designation to help people better understand the consequences, financial impact, and choices divorcing couples and individuals were being presented with. I had been working with a couple and helping them with a division of assets and it became clear I needed a stronger skill set to truly help the clients navigate the emotions and the financial issues divorce brings about. They were being asked to communicate and make choices at a time when they were shutting down.
What are you hoping will come out of this show?
Litigation isn’t the only option for divorce. I’d like people to consider what their divorce legacy is going to look like, especially if children are involved. I’d also like them to consider who will be part of their divorce team; the lawyers, divorce coaches, child specialists, and financial professionals. There are people who can help you understand the financial questions and options that divorce will present.
Jim Doyle, Doyle & Associates Private Wealth Management, Investors Group Financial Services Inc.
This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Jim Doyle is solely responsible for its content. For more information on this topic or any other financial matter, please contact an IG Wealth Management Consultant. Views of guest speakers may not be shared by IG Wealth Management.