A Cheaper Way To Break Up
If you haven’t been through a gut wrenching break up in your lifetime, count yourself among a lucky minority. For more and more married couples, breaking up can not only be a traumatizing experience, it can drain years of hard earned income at take an immeasurable personal toll.
In this week’s Smart Cookies column . Angela explores one woman’s half a million dollar debacle with divorce and some important and cost saving lessons she learned along the way.
Most importantly, when faced with a breakup or divorce consider the following mistakes that could cost you thousands:
Mistake #1- Reactively suiting up with lawyers
Try Instead- Sitting down to ask yourself how you want to move through this split? What would be each of your best case scenario in dividing your time and assets? Set a timeline for your divorce and create a financial balance sheet where you both offer input on how you can best preserve your assets.
Mistake #2- Avoiding the tough question
Try Instead- Meeting with a divorce negotiator (not necessarily a lawyer) to ask the following questions:
1. How long will this process take?
2. What is the desired outcome?
3. What is the percentage chance of me achieving this outcome?
4. What should I expect to pay for this?
If you don’t get clear answers or answers that meet your expectations, remember that there are other alternatives and divorce professionals that can bring you closer to your desired outcome.
Mistake #3- Not researching all your alternatives (even after your divorce proceedings have begun)
Try Instead- At any stage in your divorce it is possible, and often better financially, to seek out divorce alternatives like mediation or independent divorce negotiation. Fairway Divorce is an example of a divorce alternative that works to independently negotiate a divorce that meets the time and cost parameters set by the couple.
Mistake #4- Forgetting about hidden costs
Try Instead- Working with a Certified Divorce Financial Planner, or an expert in the financial impact of divorce. Be sure to ask about any missed or hidden costs based on your situation. Work to have all potential money saving scenarios written into your divorce agreement.
