Financial Considerations for a Divorce or Dissolution

The financial decisions you make in our dissolution or divorce can effect you for years to come. Unfortunately, so many people focus on the emotional aspects that they overlook how to protect their assets and how to plan effectively for their future. Following is some helpful information to help you to have strong finances.

1.     Do not take legal advice from a non-attorney. It is one of the biggest mistakes people make. They follow the advice of friends, family, financial professionals, counselors, or google. If finances are tight, you can utilize an attorney for just a few hours of advice, to negotiate a dissolution on your behalf, or you can retain an attorney mediator.

2.     Consider mediating your divorce with an attorney mediator so you can understand your rights and options. In mediation you work with your spouse to achieve the best possible result for your divorce/dissolution.

3.     If you litigate, which is where you are duking it out in court, attorney fees are an average of $15,000 - $70,000 per person. The average cost of attorney fees for a dissolution is approximately $1,500.The average cost of mediating is $1,600 - $2,100 per couple.

4.     Some attorneys advise their clients to take out all the money in bank accounts to protect themselves. Sometimes that is necessary to ensure someone has the ability to pay the bills, but it can also make one lose trust and want to litigate. Make sure the increase in attorney fees justifies the money you are protecting. Sometimes people will just take out their half to reduce conflict.

5.     Answers such as whether you will be able to keep the house or your retirement are different for each family and will vary depending on the legal process you utilize. If you litigate the court will make the decisions for you. If you work out a dissolution with your spouse, the two of you can decide how the assets are divided.

6.     Obtain an understanding of how your money is spent each month, and what your assets and debts are. Knowledge will help you to let go of any fear regarding finances, and will empower  you to achieve an agreement that will work for you.

7. Many times a couple can only think of a few options to resolve their situation. As an attorney and mediator can usually help my clients to develop many more options. I have seen it before, and I know how others have handled it. There is usually a way to address your concerns and make things work.

8.     Some people cave into a horrible agreement because they are mentally exhausted. Prioritize self-care so you can make good decisions and go the distance.

I have mediated over 1,500 cases and have helped countless families solve tough financial dilemmas. You usually have more options than what you realize. Call me at 440.724.3197 or email me at Laurie@MaloneMediationandLaw.com so I can help you achieve your financial goals and protect your finances.

Do you have questions regarding how much a divorce or dissolution will cost, or how to divorce? Contact Laurie and she will help you through the process.