If you and your spouse decide to divorce, you are instantly confronted with a variety of concerns:
- Do we have to go to court to resolve our issues or can we pursue a less costly alternative such as divorce mediation?
- Who will be appointed primary joint managing conservator and who will be appointed possessory conservator (i.e., with whom will the children live and who will have visitation time?)
- How will our marital assets be divided?
- How much will a divorce cost in terms of time and money?
In regard to the last question, there is no definitive answer, as it depends entirely upon your unique circumstances. However, there are certain steps that you can take to alleviate some of the financial (and emotional) costs of a divorce.
If possible, pursue divorce mediation or another type of alternative dispute resolution (ADR)
In mediation, the former spouses (both of whom may be represented by an attorney) meet in a neutral location to resolve important divorce issues, including child support, spousal maintenance, child custody and property division.
The mediation session is run by a neutral third party mediator who works to facilitate both a constructive dialogue and mutual cooperation.
The primary advantage of divorce mediation is that it enables couples to speed up the divorce process and save money, as well as preserve amicable relationships.
Take Charge of Your Emotions
It is not uncommon to experience a range of emotions during a divorce (sadness, frustration, anxiety and relief).
Nevertheless, it is important not to let your emotions prevent you from making prudent financial choices. A rush decision made out of spite or sadness can have lasting consequences.
Accordingly, you should always take the time to carefully process any and all divorce-related decisions, and be in a calm state of mind.
Learn more about your financial situation
It is very important that you understand your finances (income, debt, etc.). If you haven’t already done so, take the time to educate yourself. In addition, you should collect important financial data and contact relevant third parties (i.e., lenders, accountants, attorneys and insurance agents).
This post is for informational purposes only and is not to be construed as legal advice.
Stay tuned for more from our Ft. Worth family law blog …
- 10 Ways to Avoid Divorce Disaster (Bankrate.com)