It can be nearly impossible to keep emotions out of a divorce. Yet, some, including Jeff Landers, a divorce financial analyst and author, say doing so is the best way to reach a sound financial resolution during a divorce. These individuals suggest splitting couples suppress their emotions and treat their marriage dissolution like a business deal in order to reach a fair outcome. One financial analyst laid out several steps to help divorcing parties ensure their divorce negotiations go more smoothly.
First, divorcing parties should seek professional assistance. A family law attorney can be pivotal in helping a party understand the ramifications of financial decisions related to issues such as property division and spousal support. Additionally, an attorney can assist these individuals with problems revolving around other family legal issues including child custody and child support.
Second, those considering divorce should seek to become more money savvy. Sitting down with the spouse who is responsible for money matters may help clarify financial misunderstandings and prepare one for a solo financial life. Third, it is important to change the beneficiaries on one's accounts in order to prevent unintended consequences. Fourth, it is extremely helpful for a divorcing party to outline his or her daily living expenses. By detailing each expense, these individuals create an accurate picture of their spending, thereby making it easier to discuss asset division during the divorce process.
While this handful of tips is quite helpful, they are not representative of all steps that can be taken to ease the divorce process. To better understand the legal and financial process surrounding marriage dissolution, those considering a divorce should speak with an experienced family law attorney. This way, he or she will be fully informed of the legal and financial ramifications of their options and can therefore make decisions that support his or her best interests.
Source: The Miami Herald, "Financial advice for divorce: It's a business deal, so keep emotions out of it," Julie Landry Laviolette, Feb. 28, 2014