Last week, I wrote about losing a partner to death. This week’s blog offers two ideas for when you are losing a partner to the other Big D: DIVORCE.
So you are feeling sad, angry, lonely, and unmotivated. Too bad, baby! There is paperwork to be done. And the sooner you do it, the more likely a positive financial outlook for you. Here are two money tips I have for those going through this terrible time.
First, invest in your divorce.
Sure, no one likes to pay attorney’s fees, but sharing an attorney with your ex is a terrible move! Especially if it’s the ex’s idea to share the attorney that he/she has found. Who are they really looking out for? Probably not you.
Get a good attorney or mediator to help you create a custody plan and navigate the court system. A competent family planning attorney will know how to get your divorce done as quickly and fairly as possible.
Also, hiring a Certified Divorce Financial Analyst is a great use of money. A CDFA professional can help you find money where it is hidden, value the benefits you may be giving up (pension, medical insurance, etc.), and help you divide assets in a way that is tax efficient.
Don’t believe everything your spouse tells you.
If your spouse owns a business or you have not been an active participant in the family investment plan, you are at risk of being taken advantage of. Print out a statement of every account you think you have before announcing your intention to divorce. Write down what assets you think may be out there, but you don’t have access to. Get an accounting of your debts at the time of divorce, as well. See above on the hiring a CDFA.
You don’t have to be mean about it, but don’t be so nice that your financial future is uncertain after divorce.
For more ideas, CLICK HERE for my free online class on money and divorce!