Money Matters with Jim Doyle
Episode #6: Divorce & Money – The Unplanned Journey
What was the motivation behind the show?
I’ve seen the effect that divorce has on families that felt powerless to engineer an outcome that met their needs, their spouses’ needs, or the needs of their children. I completed the Certified Divorce Financial Analyst (CDFA) designation in 2004 to help people better navigate the emotional impact and financial choices divorcing couples and individuals were being presented with. Unfortunately for some, they were being asked to communicate and make choices at a time when they were shutting down.
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, and that of my guests, is to help Canadians be better prepared for this unplanned journey.
Financial literacy rarely seems important – until a time of crisis, when we’re asked to make important decisions affecting our futures – with whatever financial skills we have.
The weekly television series Money Matters with Jim Doyle was created in an effort to encourage Canadians to explore some of the financial issues we help clients address throughout their increasingly complex lives.
We invite you to tune in Thursday, May 21 at 5pm PT or Sunday, May 24 at 7am PT on JoyTV.What is this episode about?
Join me and my guests, Marcus Sixta of Crossroads Law, Yuval Berger of Hindsight Counselling, and Rahul Aggarwal of CleanDivorce, as we 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 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….
What are we hoping will come out of this show?
Litigation isn’t the only option for divorce. My guests and I would like to encourage those approaching divorce, to consider what their divorce legacy is going to look like; especially if children are involved. With the right divorce team: the lawyers, divorce coaches, child specialists, and financial specialists, you can be well positioned to understand your options and financial questions that divorce will present.
On our next show we’ll be talking about . . . ‘Retirement Redefined – Is it an Event or an Experience?’, encoring Thursday, May 28 at 5pm PT and Sunday, May 31 at 7am PT.
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.