Divorce

Divorce is a scary, unimaginable thing that is unfortunately very frequent. Even though for some it’s unthinkable, it is important to know how to properly handle a divorce. The first thing I would do is attend marriage counseling with my significant other. We need to be on the same page of what we both want and what we both are feeling. I would want to save our marriage at all costs but if a compromise cannot be reached, I need to know what the next step is. Understanding the legal process is extremely difficult; it’s important to find an attorney whom I feel I can trust. To help with this, getting referrals from friends can be beneficial. It’s also smart to meet with a few different attorney’s to find the one that fits best. This might not be free but will assist in discovering the best person for the job. Upon meeting, I plan to ask the various billing rates to find the most affordable option. There are a multitude of factors that go into the divorce process; it’s important to understand every step along the way. I plan to ask a lot of questions to fully grasp all aspects of what a divorce entails. To do this, effective communication is of the utmost importance. I should be able to communicate with my attorney productively and frequently. It is also crucial to know that women frequently have a lower standard of living after divorce and plan accordingly for this. Planning in advance is beneficial for this among many other reasons. Accommodating for the mental health aspect of divorce is also crucial. Divorce is a difficult thing to heal from but I plan to find a therapist to help me find closure if I ever get divorced. When dealing with dividing assets and the court process, I will try to make non-emotional decisions. Children also need to be taken into consideration when discussing divorce. They will be prioritized to avoid putting any conflict on them. Hopefully, an amicable agreement can be made but I need to prepare for being a single parent. To do this, I will need to save more and adjust my budget accordingly to my new life as a fresh divorcee. I will consider the debt that I have personally as well as the debt my spouse has as well as the shared assets and liabilities we have. Dave Ramsey recommends closing shared accounts if they are paid off. If our shared credit card has no balance due, I will close it so neither of us can spend money on it. I will have to create a new financial plan based on my income, assets, and fixed expenses as a single person. Divorce is an extremely difficult thing to go through but with preparation and planning, the burden can be mitigated. 

Here is a list of things to do if I ever get divorced: 

• Go to marriage counseling. 

• Get referrals from friends.

• Meet with several different attorneys. 

• Find out different billing rates of interviewed attorneys. 

• Keep copies of all documents. 

• Communicate effectively with attorney. 

• Find a therapist to help find closure. 

• Try to make non-emotional decisions. 

• Adjust budget according to new life. 

• Prioritize children and children’s needs. 

• Take into account personal debt and spouses debt. 

• View assets and liabilities shared together. 

• Close accounts that are shared if they are paid off.