Avoid These Financial Mistakes In Your Divorce

Avoid These Financial Mistakes In Your Divorce

Divorce rates among all segments of our population are growing and the explosion of family lawyers is evidence.  Some blame the longevity promised by access to good medical care for the increasing number of “grey divorces” among the elderly.  Others blame societal factors on the overall increase of divorces.

But the data is indisputable; more people are divorcing these days which means that the likelihood you or someone you know may have to endure this painful experience is increasing.  The good news is that with information and knowledge comes power, particularly when it comes to finances.  Misunderstanding the financial impact of divorce is one of the most common mistakes a person can make and can yield very long term and painful consequences.

That is why it’s important to arm yourself with as much information as possible.  Here are some important tips on how to protect yourself financially in your divorce.

Mediation

Mediation is part of a broader area of the law called “alternative dispute resolution”.  That’s just a fancy way of saying solving your disputes without going to court.  Mediation is where an experienced neutral third party listens to each side and then offers counter-arguments, suggestions, and creative solutions to bring the parties close enough that they can agree on a settlement.  This approach can trim months, even years, off a divorce which means huge savings in legal fees.  Mediators are often lawyers or former judges experienced in divorce law and have a firm grip on what is likely to be the outcome should you go to court.

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Making the Right Decisions after Divorce

Making the Right Decisions after Divorce

Seeking Early Legal Advice can help you Plan for Long Term

Long and nasty divorce proceedings are unfortunately the norm rather than the exception. Trained family lawyers are aware that while most divorces are stressful and long-drawn, there are others that are amicable and friendly. The couple’s overall approach to their relationship determines how the divorce will move forward. It’s a good to be aware that a positive approach and a problem-solving attitude goes a long way in reducing steep court costs and saving valuable time. The sooner the partners arrive at mutually beneficial agreements, the sooner they can move on with their lives.

Every marriage breakdown is different depending on the personalities of the people involved and the assets at stake. If you find that your emotions are driving your decision-making abilities, it’s best to hire lawyers who can look out for your best interests. Your lawyer will examine all the attendant circumstances including minor children, assets, properties, agreements, monies and investments and so on and advise on your best options. Taking every troublesome issue to court will only end up prolonging the legal battle and costing you hard-earned dollars. By having a trustworthy lawyer by your side, you can exercise greater control over your future especially with regard to your home, how your children will be raised and how your property divided etc. Once these matters are settled by court, the decision handed down may not be to your satisfaction.

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