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Video: Cordell & Cordell News – July 18, 2014

Cordell & Cordell along with its sponsored sites, DadsDivorce andMensDivorce, present a news video for the week of July 18, 2014.

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.

Principal Partner Joe Cordell Writes New Column for Financial Advisor Magazine

financial advisor magazineFinancial 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.”

Read the article online here.

Joe Cordell Writes Another Column for Financial Advisor Magazine About Tax Expertise

Financial Advisor magazineCordell & Cordell Principal Partner Joseph Cordell recently contributed another column to Financial Advisor Magazine.

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.

Joe Cordell Discusses Divorce Market Potential for Financial Advisors

Financial Advisor magazineCordell & Cordell Principal Partner Joseph Cordell recently wrote his first column for Financial Advisor Magazine.

In “Divorce: An Untapped Market for Financial Advisors,” Mr. Cordell discusses the important role financial advisors could potentially play, but have not yet aggressively pursued, in the world of divorce.

“They are the single expert, more than any other specialist commonly used, who are uniquely equipped to address the entire circle of important fiscal matters related to divorce,” Mr. Cordell wrote.

In terms of this potential market, Mr. Cordell gave examples of attorneys needing to sort through tax implications, benefits, retirement plans, investments, insurance and more.

He explained that financial advisors can hold different types of roles during a divorce case, depending on what is needed. This includes serving as an impartial advisor for both parties, playing a “behind-the-scenes role as consultant” to one particular side and serving as the identified expert in a case.

In his column, Mr. Cordell urged financial advisors to take this market seriously and reach out to divorce attorneys.

“A stronger relationship between financial advisors and divorce lawyers would benefit everyone involved,” he explained. “Clients would receive more accurate and creative solution to contentious fiscal issues, attorneys would not have to operate outside of their comfort zone and the advisors would discover a virtually untapped market of potential clients.”