This week we want to encourage you to talk money with your clients. Financial professionals (like CDFA's, CPA's, and forensic accountants) certainly play a role in divorce, but as a divorce coach, we don't want you to be afraid to dive into the topic too.
It doesn't matter if calculators make you nervous or you failed high school algebra, you can provide a lot of value working with your client on at least these 2 things: 1) their divorce budget and 2) their post-divorce budget.
We know you're already talking with clients about the options available to them for ending their marriages (pro se, mediation, litigation, etc...), but are you discussing how much money they want to spend ? A divorce budget is simply being intentional about choosing a process and making decisions that don't put your client in difficult position after divorce. You're simply asking them to consider where they will get the money and how it will affect their future well-being if they spend $20k, $50k, or $100k in legal fees.
Next, you are MORE than qualified to start helping them tackle the idea of a post-divorce budget. In other words, how much is it going to cost them on a monthly basis to live on their own? Where will they live? Can they qualify to refinance the house and afford all the associated expenses? How much will health insurance be? This work shouldn't be put off because it is an important filter through which your client will be making divorce decisions like:
As their case progresses, there may be a need to add a financial professional to the team, but don't shy away from starting these discussions with your client. There's a lot of good reality testing that can happen here.
You can learn more about DCA™ or find out about any of the classes or events mentioned in this episode at the links below: