4 Things You Must Do to Protect Yourself From Going Bankrupt in a Divorce
In this blog posting Cheryl and Joe Dillon offer four tips for couples preparing for divorce.
Don’t use the legal process as a weapon to try to get even with your spouse. If you’re thinking of going this route, plan on bankrupting yourself financially and emotionally because you’ll spend up to $200,000 and waste two to three years of your life fighting this battle.
Beware of coming to agreements with your spouse prematurely. Given the financial complexities of divorce, there’s a lot you “won’t know you don’t know” so it’s important to take the time to do the proper discovery before you do any deciding.
Don’t have unrealistic expectations of what you can get/what you’ll pay. Take time to learn the facts/realities. Let a qualified professional give you some perspective and help you come to a fair and realistic settlement.
Choose your divorce professional carefully. Instead of hiring lawyers as your first step, try divorce mediation. In mediation, a trained neutral third party well-versed in the laws and financial matters of divorce will help you and your spouse negotiate directly with the goal of reaching a settlement you both find fair.