How is Financial Literacy Connected to Family Law?
It's a running joke in legal circles that people choose to study law because they hate math and finance. If only law were as removed from math, as we think.
The importance of financial literacy in law careers, especially for family attorneys has been steadily rising. Today financial education is essential to a successful practice.
Why Do Lawyers Struggle with Financial Literacy?
As a client, you should always choose a lawyer who speaks finance. A thorough understanding of money matters is going to help smooth over disputes and negotiations.
However, not enough law schools in Oklahoma prioritize financial training. From our experience, there are certain additional courses, but the degree doesn't mandate it. As a result, law students, especially those wary of math, refuse to enroll.
Some may argue that young lawyers can pick up the knowledge on the job as a road scholar. Even then, the school of life isn't fair to all and not everyone may have the right opportunity to learn accounting fundamentals while clocking in as a junior lawyer in some firm.
From what we know, only a paltry percentage of Oklahoma's law firms emphasize financial literacy.
The fact remains that an attorney knowledgeable of business and finance has a better shot at winning a case.
How Does Financial Training Assist Family Law?
Family attorneys deal with legal issues that have a significant financial impact on their clients. The ability to understand financial statements will save lawyers a lot of time and resources.
Child support and marital property settlements also require the client's income and expenses to be presented on a spreadsheet. With the necessary training, lawyers no longer need to hire financial advisors for help.
Often, financial statements can play an important role in establishing evidence for the court. Several legal documents are also heavily strewn with numbers and financial terminology. Some facets of family law like divorce and probate also require lawyers to discuss settlement terms.
Our Helping Hand For You
Reneau Law's family attorneys recognize the importance of financial literacy in their practice. Our firm prioritizes business training whether it be through boot camps or seminars. We strive for the best and only the best in legal representations.
Having served Oklahoma City for more than 20 years, our attorneys are experienced in bankruptcy, criminal defense, motor accident and malpractice in addition to family law. To have a telephonic conversation with us call (405) 732-5432. We also offer free, no obligation consultations.
**Disclaimer: The above article does not imply a relationship between attorney and client, nor does it aim to provide any legal advice.