Getting a divorce? Think hard
Over half of marriages in the US end up in separation and divorce. With this number, you would think that the dealing with it is a lot easier and a lot cheaper. That is still not the case. Studies say that divorce is the second leading cause of depression and anxiety next to death of a spouse. According to some experts, no matter how ubiquitous divorce is, people undergoing this process still suffer panic attacks.
Before getting a divorce, we suggest you get a complete medical check-up, have a number of a psychotherapist, and create a support system. Most importantly, we suggest you check on your personal finances too.
Can you afford it?
Your personal finances really matter when you decide to get divorced from your spouse. Just for the completion of divorce proceedings, you and your partner (soon to be ex) will spend from $20000 to a whopping $30000. And that’s just for your legal counsels. Fortunately, there may be less expensive ways to divorce: settlement outside of court.
Keeping your personal finances in mind, you can actually get rid of lawyers who would barter over a couple of shared assets. You can just choose to hammer out your differences and divide assets with the assistance of mediators. There is more leeway for negotiations in cases such as this. Mind you, it will still be stressful, just with less financial participation.
The simple divorce
If you have a very simple case of divorce- meaning no shared financial debts or fights about who gets to keep the kids – the World Wide Web can actually help you. There are websites available that can tutor you on how to make a divorce plan. Then you can download legal documents from state government websites, free of charge, and file your divorce papers. You and your spouse show up in court and if all goes well, you spend around $150 to get your marriage dissolved.
If the divorce is not so simple
If you and your spouse cannot settle the issue by yourselves but still maintain a degree of amicability, you can safeguard both your finances by using lawyers as mere mediators in your settlement. You can still get a nice discount, depending on how long you will be bickering with your marriage partner. Generally, a few sessions would cost you around $300 an hour.
If the divorce is more on the complicated side.
All right, now you can go to a judge. You are about to dive into murky waters as this proceeding will be long and tedious, since you and your spouse are about ready to shoot each other. How do you protect your personal finances? Be well informed. You will need to get the low down on all your spouse’s financial worth, and financial position. You will need to get a list of all your (yours and your spouse’s) assets and what tax implications all of these will bring.
Divorces are already nasty in it, even without the financial implications. Protect yourself by knowing what to do and consulting financial experts.