This week, Cordell & Cordell Principal Partner Joseph Cordell talked about the importance of fathers and their parental rights on Love 860 radio, based in the Atlanta area. Mr. Cordell also contributed acolumn about financial advisors and preparing for clients going through divorce to Financial Advisor magazine.
In his August 2014 article, “Five Steps to Helping Divorcing Clients,” Mr. Cordell outlines different actions financial advisors can take to better prepare themselves for dealing with clients going through divorce.
Mr. Cordell emphasizes the importance of obtaining Certified Divorce Financial Analyst accreditation as well as sharpening marketing focus, getting information out about accreditation and experience, developing a revenue model for divorcing clients and, ultimately, cultivating a divorce-friendly environment.
“Relationships formed during those trying times not only take a weight off the shoulders of the person going through a divorce but also help create enduring associations that can last for decades after the divorce is finalized,” said Mr. Cordell.
In this week’s news, Cordell & Cordell launched its new online video consultation option for those who need an alternative to meeting in person. DadsDivorce published an article with tips for dating after divorce. MensDivorce discussed the importance of establishing paternity for unwed fathers.
Check out the weekly news video below.
Financial advisors should be aware that divorced clients are quite different than from those clients who are married, single or simply not going through a divorce according to Joe Cordell’s latest column in Financial Advisor Magazine.
His newest column, “Special Client Issues Financial Advisors Must Address in Divorce Situations,” appears in the July 2014 edition of the magazine.
Mr. Cordell lists concerns like emotional instability, complex finances and an overall feeling or environment of uncertainty.
“While family law attorneys are acclimated to working under these conditions, it may be a shock to the system for a financial advisor unfamiliar with the added pressures,” said Mr. Cordell. “However, if an advisor becomes familiar with performing their tasks throughout the divorce process, it can be a major benefit for both the attorney and the client.”
In “Tax Expertise: A Valuable Skill Throughout Divorce,” Mr. Cordell explained that attorneys are not always aware of as many tax subtleties as financial advisors. He described the benefits that financial advisors can bring to the entire divorce process, particularly with regard to explaining statues on taxes.
Mr. Cordell wrote that such financial advisors could catch oversights and be beneficial to both parties in a divorce case.
“Knowing the tax rules can allow you to achieve more subtle gains in settlements. You can often surmount roadblocks in settlement negotiations with imaginative and beneficial solutions using the subtleties of tax law,” said Mr. Cordell. “It may be that one party can walk away with a post-tax sum that was equal to the other party’s, even though it appears the former received nominally more in the pretax settlement.”
Mr. Cordell mentioned that taxes often impact issues related to alimony, child support, dependent exemptions, property division, home sales exclusion, deferred compensation with retirement assets and more.
He described the different roles financial advisors could potentially play in a divorce situation pertaining to one or more of the issues above.
“Advisors could lend their expertise as consultants during the settlement negotiations, as expert witnesses during litigation or as behind-the-scenes advisors helping prepare one party for trial. All of these functions allow them to identify relevant tax issues and design creative solutions that attorneys all too often overlook,” said Mr. Cordell.