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by James Robert Lay on November 8, 2022
Brief Summary of Episode #243
Money is one of the leading causes of divorce in the U.S.
So, it should come as no surprise that financial fraud can rear its ugly head during marriage splits.
And as Tracy Coenen, Forensic Accountant and Fraud Investigator at Sequence Inc., pointed out, the spouse who handles the finances usually has the upper hand in divorce proceedings.
“We are nothing without a plan, and knowledge is power,” she said. “If you have not been in a position of handling or knowing about the money, it is very overwhelming.”
Tracy saw a glaring need for a resource that could help vulnerable people floundering through a divorce.
So, she developed The Divorce Money Guide, a ten-step program that can give them direction.
“I wanted to offer resources to help reassure, empower, and provide a framework through which someone can tackle something that seems insurmountable,” Tracy said.
But she also believes financial institutions can do more to help their clients through this traumatic experience.
“Let account holders know the information they have access to,” she said. “People aren’t necessarily educated on what they can find.”
Everyone loses in divorce, but having a little help along the way can certainly ease the pain.
Key Insights and Takeaways
- The complexities of navigating money during a divorce (8:31)
- Analyzing unusual behavior with AI and data analytics (13:31)
- Opportunities for coaching through the divorce process (18:51)