How Divorce Lawyers and Marriage Counsellors Manage Money With Their Partners
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    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,599,192 (-0.51%)       Melbourne $986,501 (-0.24%)       Brisbane $938,846 (+0.04%)       Adelaide $864,470 (+0.79%)       Perth $822,991 (-0.13%)       Hobart $755,620 (-0.26%)       Darwin $665,693 (-0.13%)       Canberra $994,740 (+0.67%)       National $1,027,820 (-0.13%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $746,448 (+0.19%)       Melbourne $495,247 (+0.53%)       Brisbane $534,081 (+1.16%)       Adelaide $409,697 (-2.19%)       Perth $437,258 (+0.97%)       Hobart $531,961 (+0.68%)       Darwin $367,399 (0%)       Canberra $499,766 (0%)       National $525,746 (+0.31%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 10,586 (+169)       Melbourne 15,093 (+456)       Brisbane 7,795 (+246)       Adelaide 2,488 (+77)       Perth 6,274 (+65)       Hobart 1,315 (+13)       Darwin 255 (+4)       Canberra 1,037 (+17)       National 44,843 (+1,047)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 8,675 (+47)       Melbourne 7,961 (+171)       Brisbane 1,636 (+24)       Adelaide 462 (+20)       Perth 1,749 (+2)       Hobart 206 (+4)       Darwin 384 (+2)       Canberra 914 (+19)       National 21,987 (+289)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $770 (-$10)       Melbourne $590 (-$5)       Brisbane $620 ($0)       Adelaide $595 (-$5)       Perth $650 ($0)       Hobart $550 ($0)       Darwin $700 ($0)       Canberra $700 ($0)       National $654 (-$3)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $730 (+$10)       Melbourne $580 ($0)       Brisbane $620 ($0)       Adelaide $470 ($0)       Perth $600 ($0)       Hobart $460 (-$10)       Darwin $550 ($0)       Canberra $560 (-$5)       National $583 (+$1)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,253 (-65)       Melbourne 5,429 (+1)       Brisbane 3,933 (-4)       Adelaide 1,178 (+17)       Perth 1,685 ($0)       Hobart 393 (+25)       Darwin 144 (+6)       Canberra 575 (-22)       National 18,590 (-42)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 6,894 (-176)       Melbourne 4,572 (-79)       Brisbane 1,991 (+1)       Adelaide 377 (+6)       Perth 590 (+3)       Hobart 152 (+6)       Darwin 266 (+10)       Canberra 525 (+8)       National 15,367 (-221)                HOUSE ANNUAL GROSS YIELDS AND TREND         Sydney 2.50% (↓)       Melbourne 3.11% (↓)       Brisbane 3.43% (↓)       Adelaide 3.58% (↓)     Perth 4.11% (↑)      Hobart 3.78% (↑)      Darwin 5.47% (↑)        Canberra 3.66% (↓)       National 3.31% (↓)            UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 5.09% (↑)        Melbourne 6.09% (↓)       Brisbane 6.04% (↓)     Adelaide 5.97% (↑)        Perth 7.14% (↓)       Hobart 4.50% (↓)       Darwin 7.78% (↓)       Canberra 5.83% (↓)       National 5.76% (↓)            HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.7% (↑)      Melbourne 0.8% (↑)      Brisbane 0.4% (↑)      Adelaide 0.4% (↑)      Perth 1.2% (↑)      Hobart 0.6% (↑)      Darwin 1.1% (↑)      Canberra 0.7% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.4% (↑)      Brisbane 0.7% (↑)      Adelaide 0.3% (↑)      Perth 0.4% (↑)      Hobart 1.5% (↑)      Darwin 0.8% (↑)      Canberra 1.3% (↑)        National 0.9% (↓)            AVERAGE DAYS TO SELL HOUSES AND TREND         Sydney 28.7 (↓)       Melbourne 30.7 (↓)       Brisbane 31.0 (↓)       Adelaide 25.4 (↓)       Perth 34.0 (↓)       Hobart 34.8 (↓)       Darwin 35.1 (↓)       Canberra 28.5 (↓)       National 31.0 (↓)            AVERAGE DAYS TO SELL UNITS AND TREND         Sydney 25.8 (↓)       Melbourne 30.2 (↓)       Brisbane 27.6 (↓)       Adelaide 21.8 (↓)       Perth 37.8 (↓)       Hobart 25.2 (↓)       Darwin 24.8 (↓)       Canberra 41.1 (↓)       National 29.3 (↓)           
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How Divorce Lawyers and Marriage Counsellors Manage Money With Their Partners

They spend all day thinking about money and relationships—so what do they do with theirs?

By JULIA CARPENTER
Mon, Feb 13, 2023 8:45amGrey Clock 4 min

Divorce lawyers and couples counsellors see how often money leads to the end of a relationship. When these professionals return home, they put into action several steps to make sure they have a healthy relationship with their finances and their partners.

Lisa Zeiderman, 61 years old, a divorce lawyer in New York, and her husband, Lloyd Zeiderman, an 86-year-old wealth and business manager, spent the better part of their respective careers thinking about money and relationships. They have front-row seats to how financial issues can tear couples apart.

At home and at work, Mrs. Zeiderman preaches “the mailbox rule.”

Every weekend, when she and her husband drive out for breakfast, she stops the car at the end of the driveway and checks the mail. While they share money, he takes the lead on managing their investments and communicating any new developments to his wife. But she said checking the literal receipts—both in the mail and digitally—can offer peace of mind.

“If the credit-card statements are no longer available or passwords are changed or you used to have discussions about money and now you don’t, that may be the sign of something brewing around you,” she said.

Sharing money with a romantic partner leads to greater overall relationship satisfaction, and combining financial power in turn leads to greater wealth for the household, studies have found. Despite these demonstrated benefits, many couples see talking about money as a gateway to more fights and less peace.

But many seasoned legal, financial and counselling professionals say they have seen firsthand the repercussions of letting money problems fester. We asked some of them to share even more lessons they have learned and put to the test in their own relationships.

Talk. All the time. Especially when it is uncomfortable.

“Just talk about it” is some of the most common—and occasionally infuriating—advice quarrelling couples receive. But in practice, maintaining a low-stakes, ongoing daily discussion about expenses, savings and your respective financial habits can lessen the tension many people feel around these money conversations, said Matt Lundquist, the 46-year-old founder and clinical director of Tribeca Therapy in New York who also counsels couples.

For the Zeidermans, who have been married for almost 25 years, the conversation never stops—and that is intentional, they both say.

“There’s no scheduled sit-down, and it isn’t an organised event,” Mr. Zeiderman said. “But the bill comes in, we talk about it. If we’re buying something for her daughter or my son, we make a joint decision.”

They both admit they aren’t always in perfect agreement. Over the years, Mr. Zeiderman has lent money to an old friend. When she first saw the wire transfer, Mrs. Zeiderman had some questions. But in talking about the issue, she said, they agreed to call a truce: when a particular expense is especially personal to the other partner, they can allow some leeway.

When Mr. Lundquist and his wife of 13 years talk about coming expenses, savings plans or the impact of inflation on their budget, they don’t only talk about the numbers, he said.

“Don’t just sit down and go through the budget, but parallel to that, say ‘how do you feel about that?’” he said. “It’s astonishing how many couples don’t talk about that and the consequences of that.”

Lay it all on the table.

Valentina Shaknes, a 43-year-old New York City lawyer and one of the founding partners at Krauss, Shaknes, Tallentire & Messeri, has become familiar with a certain story: A successful, confident woman in the throes of divorce proceedings realizes how little she knew of the overall household finances.

“They would really rely and defer to their husbands to manage their family finances, which is so different from their professional lives, where they’re running the show,” Ms. Shaknes said.

In divorce proceedings, Ms. Shaknes describes a document she says she has since come to love: the statement of net worth. Each party fills out expenses, income, assets, liabilities and more in granular detail, so that each has the complete picture of the other’s financial situation. Ms. Shaknes recommends couples try doing this exercise while they are still together, rather than waiting until a breakup.

At home, Ms. Shaknes recreates the process with her husband of 23 years. Each time, they discuss mortgage payments, real-estate taxes and credit-card spending, and adjust for new factors like education costs for their children. The exercise may be tedious, but she’s adamant they both have eyes on the numbers.

“Our lives are so full with all of the responsibilities and obligations, and you have to divide and conquer,” she said. “But you also need to know.”

Be willing to change.

Adam Kol, a mediator, tax lawyer and former financial adviser based in Fort Lauderdale, Fla., calls himself “The Couples Financial Coach.” When he and his wife got married at the start of 2023, he said they had been sharing money for almost a year, in part to more easily manage the expenses related to their wedding.

At the start of their relationship, Mr. Kol identified as “the saver” and his wife as “the spender.”

They have since learned to spend money on things that enrich their lives, and vice versa. When they were first decorating their apartment, Mr. Kol said his wife took the lead on thrifting many of their artworks. Whenever he looks at the variety of pictures and art, Mr. Kol said he sees a visual representation of the middle road they found together.

“Like all couples, we moderate each other,” he said. “She helps me loosen up a little bit and enjoy the day-to-day.”



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The Great Wealth Transfer: How rich millennials will invest the billions coming their way

The younger generation will bring a different mindset to how and where their newfound wealth is invested

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There is an enormous global wealth transfer in its beginning stages, whereby one of the largest generations in history – the baby boomers – will pass on their wealth to their millennial children. Knight Frank’s global research report, The Wealth Report 2024, estimates the wealth transfer set to take place over the next two decades in the United States alone will amount to US$90 trillion.

But it’s not just the size of the wealth transfer that is significant. It will also deliver billions of dollars in private capital into the hands of investors with a very different mindset.

Seismic change

Wealth managers say the young and rich have a higher social and environmental consciousness than older generations. After growing up in a world where economic inequality is rife and climate change has caused massive environmental damage, they are seeing their inherited wealth as a means of doing good.

Ben Whattam, co-founder of the Modern Affluence Exchange, describes it as a “seismic change”.

“Since World War II, Western economies have been driven by an overt focus on economic prosperity,” he says. “This has come at the expense of environmental prosperity and has arguably imposed social costs. The next generation is poised to inherit huge sums, and all the research we have commissioned confirms that they value societal and environmental wellbeing alongside economic gain and are unlikely to continue the relentless pursuit of growth at all costs.”

Investing with purpose

Mr Whattam said 66% of millennials wanted to invest with a purpose compared to 49% of Gen Xers. “Climate change is the number one concern for Gen Z and whether they’re rich or just affluent, they see it as their generational responsibility to fix what has been broken by their elders.”

Mike Pickett, director of Cazenove Capital, said millennial investors were less inclined to let a wealth manager make all the decisions.

“Overall, … there is a sense of the next generation wanting to be involved and engaged in the process of how their wealth is managed – for a firm to invest their money with them instead of for them,” he said.

Mr Pickett said another significant difference between millennials and older clients was their view on residential property investment. While property has generated immense wealth for baby boomers, particularly in Australia, younger investors did not necessarily see it as the best path.

“In particular, the low interest rate environment and impressive growth in house prices of the past 15 years is unlikely to be repeated in the next 15,” he said. “I also think there is some evidence that Gen Z may be happier to rent property or lease assets such as cars, and to adopt subscription-led lifestyles.”

Impact investing is a rising trend around the world, with more young entrepreneurs and activist investors proactively campaigning for change in the older companies they are invested in. Millennials are taking note of Gen X examples of entrepreneurs trying to force change. In 2022,  Australian billionaire tech mogul and major AGL shareholder, Mike Cannon-Brookes tried to buy the company so he could shut down its coal operations and turn it into a renewable energy giant. He described his takeover bid as “the world’s biggest decarbonisation project”.

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