Surviving Divorce: How to Come out on Top Financially

Thu, Mar 13, 2014

Financial Advice

No one ever ties the knot with their significant other assuming that their nuptials will eventually end in divorce. Sadly, statistics showing that half of all marriages end in this manner prove that not everyone is lucky enough to be correct in this assumption.

“The separation of two people can be a difficult process both from a legal and personal perspective”, says Hofland & Tomsheck, divorce attorneys in Las Vegas. Most people understand the emotional turmoil that can follow a divorce, but few actually sit back and consider the financial difficulties that it can cause. This is why anyone going through a divorce, whether contested or not, should take a few steps in securing their financial future.

Gather all Financial Documentation

One of the biggest mistakes people make during a divorce is failing to gather all of the soon-to-be-former couple’s financial documentation. This includes bank accounts, investments, credit card statements and other forms of financial assets and debts. This will ensure that an individual knows all of the financial information they’ll need in their divorce.

Many people choose to allow their spouse to collect all of this information simply because they also handled the family’s finances during the marriage, but this can leave very important information hidden. If a person trusts their former lover to get all of these documents together, they’re leaving their financial fate in the other individual’s hands.

Hire a Divorce Attorney

Some people choose to forego an attorney during this legal process, but most of those individuals end up regretting it in the end. A person with no legal knowledge will need an expert on their side if they hope to get a fair outcome. This is even the case when the other spouse also forgoes legal representation. It’s also imperative to not share an attorney. This is because, if anything comes up during the process that’s contested, the attorney will likely not be able to represent either party due to a potential conflict of interest.

Marital Assets

It’s important to recognize what is and isn’t considered a marital asset. This is important because non-marital assets aren’t usually dividable in the divorce. If a person had a pension prior to getting married, for instance, all money earned in it after their nuptials is likely a marital asset. Pinpointing this specific information is imperative, though, because the pension amount earned before the marriage likely isn’t dividable. Unfortunately, these laws can vary by state, and this makes the next step imperative to one’s financial survival.

Consider Mediation

One of the biggest mistakes many people make during a divorce is immediately disqualifying mediation as a choice. When a divorce goes to court, it’s left to the judge to decide what is fair and what isn’t. Unfortunately, this usually ends badly for one party, and in some instances, it can end badly for both.

Mediation will give a couple the time they need to figure out exactly what’s fair between themselves. It’s still important, though, to not forego an attorney. A person will still need someone well versed in the law to ensure that appropriate state statutes are followed and an agreement that’s fair, both now and in the future, is reached.

Divorce is a heartbreaking experience, but there is no reason that the financial implications should have to follow a person for the remainder of their life. There will undoubtedly be difficulties to face, but a person can minimize these troubles by simply keeping a clear head and focusing on getting the best outcome for themselves in the end. There will be plenty of time to lament the ended marriage later on, so it’s essential for a person to fight for their rights until the whole process is over.

Author and artist Molly Pearce is all too familiar with the struggles one faces when getting a divorce. She looked to the website of Hofland & Tomsheck, divorce attorneys in Las Vegas for alot of the legal research on this post and searched divorce advice and support sites for other helpful info.

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