We spend a lot of time on this blog talking about divorce and the variety of issues it can present to a splitting couple. Spouses often have to contend with property division and child custody issues, in addition to addressing spousal and child support matters. Many people who go through a divorce are unfamiliar with the process and are not ready for the emotional strain it can cause. Therefore, far too many Arizonans go into divorce negotiations in the dark about important matters.
There are certain things a divorcing individual should do in order to protect him or herself from unfair financial loss and emotional devastation. First, do not be uninformed. An individual should inform themselves about not only their own financial situation, but also their spouse’s financial situation as well. This means being aware of how much money is in retirement and savings accounts and knowing how much debt the other spouse is carrying. Second, make sure there is enough money to sustain for a while. Those considering divorce may want to save enough money to help them get through the process. Suddenly losing the support of a spouse can be crushing, so one should be sure to have enough money to cover living expenses, at least until the divorce settlement is finalized.
Third, soon-to-be-ex-spouses should not use their children as pawns in the divorce process. Sometimes people will try to increase their visitation time with their children simply to lower child support payments. Though that might help an individual financially, it can significantly damage the relationship between the parties to the divorce as well as that between the parent and the child.
Ending a marriage may be one of the most difficult things an individual can go through. Emotions can sometimes threaten to get the best of us, but by being thorough and calming assessing one’s situation, a resolution may be reached that is fair to all involved.
Source: CBS News, “6 money mistakes to avoid in a divorce,” Gerri Detweiler, Jan. 21, 2015