Financial Conflict Coaching is Available!

Ken Andrichik, MVMP Board member

Finances are at the foundation of many disputes and conflicts. Individuals coming to the mediation table need a thorough understanding of their financial condition. Gaining that understanding often requires a deep examination of assets and liabilities, a more complete analysis than most people ever have to do. If you need assistance to get a handle on your situation, this article explains how the Martha’s Vineyard Mediation Program (MVMP) seeks to build financial knowledge in our community.

A keen knowledge of one’s financial condition is crucial. Without it, there is no way someone can truly understand their financial needs and interests as related to a conflict. MVMP’s financial conflict coaches can help people negotiate more effectively.

For example, mediators are finding that many parties in a divorce or separation matter need help to complete the required Family and Probate Court Financial Statement; a form seeking details about income, expenses, assets, and liabilities. MVMP has experienced volunteers ready to assist either or both parties to gather the necessary information, and more importantly, to understand their financial position. Often in relationships, one party takes primary responsibility for money matters. If that relationship is to be ended or altered, BOTH parties need that knowledge.

The volunteers can assist with explaining things like:

·     What are my true assets?

·     How liquid (or easily accessible) are those assets?

·     What is the total picture of my liabilities?

·     What would it mean to change the amount or frequency of payments?

Coaches are NOT advocating for either party. Parties ultimately decide for themselves whether an offer or proposal is in their best interest. However, people make more informed decisions if they have a deeper understanding of their current financial status.

Contact MVMP to seek assistance from a financial conflict coach to prepare for a mediation, during the mediation to understand the ramifications of a proposal, or after a mediation if revisions to an agreement become necessary. Many parties may need help in trying to assess how virus-disrupted jobs or income might impact one or both parties!

MVMP is also planning workshops to build financial knowledge generally. The National Financial Capability Study 2018 found that the financial literacy rate among Americans decreased significantly from a similar study in 2009. We want to assist our community members to build their knowledge.

Watch for our session on “Your Income and Expenses” a presentation using materials from the Federal Deposit Insurance Corporation’s Money Smart for Adults series! Through education and financial coaching, MVMP wants our community to have the tools to effectively resolve conflicts.