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What is a Daily Money Manager and What Can They Do in Family Law Cases?

By Kelly Kurz 

We’ve all heard someone say, “My husband (or wife) handles all that financial stuff.” This often seems like a good plan; however, what happens if that spouse is no longer in the picture? We usually think of widows or widowers facing the overwhelming task of understanding a spouse’s bookkeeping system, but divorce can also wreak havoc on financial record keeping. More often than not, one marriage partner assumes responsibility for bill paying and record keeping and acquires a greater knowledge of the family finances than the other partner. Sometimes, before a trusting marital relationship deteriorates to the point of divorce, one partner has deferred to the other for so long that they no longer know the most basic elements of family cash flow. This makes equitable distribution of assets and debts difficult.

Fortunately, a group of professionals known as daily money managers (DMMs) can open step in to help those who are unprepared for the organizational challenges of divorce. The skills DMMs have developed to help clients manage personal monetary affairs can be applied to gathering the information required for financial affidavits. DMMs also offer ongoing services such as organizing financial records, maintaining bank accounts, budgeting, coordinating benefits and paying bills. Daily money managers work with a variety of clients. Many practices have a senior client base who needs DMM services due to changes associated with aging such as poor vision, limited wring ability or dementia. Other practices focus on high net worth clients or busy professionals who prefer that someone else handle routine financial tasks so they can enjoy their spare time. Although some DMMs have separate professional credentials, most do not provide legal, investment or tax advice. They do, however, provide services that complement the work of other professionals and can often refer you to appropriate service providers. 

Kelly Kurz, founder of Paperwork Solutions, LLC, is certifified as a Professional Daily Money Manager (PDMM®) by the American Association of Daily Money Managers. Kurz has been serving clients in Pitt and surrounding counties since 2005.

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