Money Matters: Going Through a Divorce
It is emotional, heart-wrenching, and energy draining. It also forces financial and lifestyle changes that impact everyone involved. For many people, divorce is the biggest financial transaction they face.
Even if you aren’t going through a divorce and are certain you will never have one, don’t stop reading.
You are in a better place right now to think about financial hardships than you would be should this ever happen to you.
Even if you never get divorced, you will be in a much better financial position.
If you are going through a divorce, you’re not alone. Statistics suggest that nearly half of all marriages end up in divorce. During this difficult time, it’s important that a couple cooperate to work out the financial aspect of the relationship.
First, the dreaded “L” Word: LAWYER. Do you need one?
In most cases, a lawyer will be required to guide an individual through a divorce. Attorney fees will be costly. Only rarely does a divorce end to the satisfaction of both parties through the efforts of a mediator.
On the other hand, if both spouses are fairly amicable and willing to reach agreement, you may be able to divorce without litigation. If you and your spouse are able to agree, chances are good you’ll be able to handle your divorce yourselves. You simply split your common assets, file the correct papers and, in some states, go in front of a judge to tell him why you are divorcing. But rarely are divorces this simple. Splitting assets alone can be complicated. Even if you and your spouse are divorcing on very cordial terms, it can be hard to decide what’s fair for both of you. A lawyer can be an advocate to help you make tough decisions.
Finding the lawyer is the second step and hardest.
Don’t use the same lawyer that your spouse uses. Even though everyone involved may have good intentions, it can make for some very difficult situations. Ask recently divorced friends about their lawyers. If they had a good experience, you might want to interview that attorney. If you have worked with lawyers in other legal matters, ask them for a recommendation. Often lawyers know other lawyers outside of their own specialty.
No matter who recommended the lawyer you’re considering, check his or her credentials and qualifications carefully. You’re not looking for the cheapest lawyer you can find, you’re looking for the best person to represent your interests in your divorce.
- Facebook Now Mentioned in More Than One-Third of Divorces (inquisitr.com)
- Is Social Media The New Face Of Divorce? (pittsburgh.cbslocal.com)
- Do-It-Yourself Divorces (lawprofessors.typepad.com)
- How Does a Divorce Affect your Life Insurance (termlifeinsurance.org)