Preparing for Financial Negotiations
Whether you are facing a family conflict, business disagreement, or contemplating a divorce, having a structured approach to resolving your conflict helps. By taking a Prioritize ~ Organize ~ Simplify (POS) guided course of action, you’ll make the process easier, reduce potential stress levels, and help with securing the outcomes you would like to achieve.
The POS process assists you in identifying the desired outcomes by focusing on your mental and emotional health, your financial security, and your children’s wellbeing. Here’s how Prioritize ~ Organize ~ Simplify works.
Prioritize – Take the time to think about what you would realistically like once this is all over. If you’re dealing with a family member or business partner, this could be what you are willing to compromise and what you are not willing to change to reach a resolution. Regarding a divorce this may include the custody arrangement of your children, their wellbeing, your financial security, and more. You may need to learn new skills which can be a nice opportunity for personal growth. Take a little time to think what you need down the road and do not get caught up on less important items that can easily derail a resolution. You will be better off if you understand ahead of time what you are working towards.
Organize – Create a game plan! Remember the resolution is an important first step you will take toward your future. Getting there may take the support of a variety of professionals and today you have at your disposal more skilled professionals than ever – attorneys who are mediators, financial coaches, conflict coaches, therapists and more. You may be able to group some priorities together. For instance, as you are struggling, you can bet your loved ones are too. Find help for both you and your loved ones (and having the same professional may not always be the best idea).
Simplify – Your life can become a complicated whirlwind as you work to resolve your dispute. After you have identified your priorities and have a game plan, share it with a trusted professional, who can hold you gently accountable to stick to the process of successful negotiations. For example, if household finances are causing stress in a household, a financial coach can help you create a realistic budget and a system to help you manage your family finances. Creating a budget is one major step to making sure your finances are simplified (not just when going through the conflict period, but after as well). This empowers you and builds your confidence. You’ll be stronger as you knock off items on your prioritized to do list.
Once your financial thoughts are clarified and prioritized your negotiations with others are ready to proceed.
Hirsch Serman, MBA, CPA is the founder of Lifecycle Financial LLC, a company that helps those going through life cycle changes to navigate the financial pitfalls of a new life dynamic.
