Posted in Divorce
How much does your family lawyer know about finances? It could be less than you think. Most family law attorneys do not have substantial education or training in financial matters, but divorce can often present complex money issues as an El Segundo, CA prenup lawyer can attest. Family lawyers handle matters that have significant impact on the lives of their clients; that’s why it’s a good idea to choose a lawyer who speaks finance, especially if you have a high-net-worth case – Someone like Skarin Law Group’s Matthew Skarin, California’s only Certified Family Law Specialist and Certified Public Accountant (CPA). This family attorney CPA also holds a California Real Estate Broker License – making him a triple threat with very valuable and unique knowledge!
But why exactly is financial literacy so important for a family attorney?
- Client Advising: Family attorneys often deal with cases involving divorce, separation, and asset division. Understanding financial concepts helps them to advise clients on equitable distribution of assets, alimony, and child support.
- Asset Valuation: In cases of divorce or estate planning, attorneys need to understand how to value various assets, including real estate, investments, and business interests, to ensure fair settlements and proper legal decisions.
- Negotiation Skills: Financial literacy enhances an attorney’s ability to negotiate settlements because they have a better understanding of the financial implications of different proposals and ensuring that they align with their client’s best interests.
- Drafting Legal Documents: Attorneys may need to draft financial agreements, prenuptial agreements, or divorce settlements. A solid grasp of financial principles helps ensure these documents are accurate, enforceable, and fair.
- Tax Implications: Financial literacy helps attorneys anticipate and address tax consequences related to divorce settlements, inheritance issues, or asset transfers, providing comprehensive advice to clients.
- Investment Knowledge: Understanding investment options and financial planning strategies enables attorneys to better assess and advise on retirement plans, savings accounts, and other financial instruments involved in family law cases.
- Financial Planning for Clients: Attorneys can help clients plan for their financial future post-divorce or after settling an estate, offering guidance on budgeting, saving, and investing.
- Litigation Strategy: Financial literacy aids in developing effective litigation strategies by allowing the attorney to understand the financial strengths and weaknesses of both parties, which can be crucial in complex family law cases.
- Risk Management: Attorneys with financial know-how can better identify and mitigate financial risks for their clients, such as potential hidden assets or liabilities, ensuring a more thorough and protective legal approach.
- Expert Witness Coordination: In some cases, family attorneys need to work with financial experts or forensic accountants. Understanding financial matters helps them effectively communicate and collaborate with these professionals.
- Ethical Considerations: Being financially literate allows attorneys to recognize and avoid potential conflicts of interest or ethical dilemmas related to financial matters in their practice.
- Client Education: Financial literacy enables attorneys to educate their clients about the financial aspects of their case, empowering them to make informed decisions.
With financial literacy, your family attorney CPA is able to provide well-rounded, effective legal representation and ensure that they can address the complex financial issues that often arise in family law matters. Contact Skarin Law Group today for help from a well-rounded law group.
