Financially Planning Before Divorce – Should You Do It?
I can imagine as you read the title today, shaking your head in disbelief. Is she seriously suggesting that couples have discussions in regards to financial planning as their marriage slowly slides downhill into the abyss? Quite truthfully, I am strongly recommending that such discussions take place! As emotional as break ups can become, think of how much worse you will feel when you’re also confronted with uncertainties about your financial future. We all understand how hard it is to acknowledge that this really is the end of the marriage or relationship. Coming up with a plan can provide an important platform of strength and confidence for you to start your new chapter in life, and provide a crucial step in the process towards moving on.
If you still have doubts, reverse the thought process. Does it sound better to struggle through financial planning during a divorce? You’ll be increasing the stress levels, in an already difficult situation. I’m sure you have heard the old adage, “time equals money.” Nowhere is this more true than when it comes to legal issues. Consider the costs involved to determine how the finances will be divided, the meetings with the legal team, your own lost work productivity, and the list of potential expenses goes on. If you can find a way to work it out between the two of you, many hours and lots of dollars could be saved for your futures, even if they are apart. What is there to gain by hashing it out through lawyers, who may take a significant percentage of your assets that you have worked hard to earn over the years?
Lawyers are not always acting in your best interests, more often they are acting in their own best interests. An average divorce can cost $20,000 and can take upwards of a year to process through the courts. Consider the option of reducing legal involvement and expenses from the beginning by working out the financial details between the two of you.
I know my words are reaching your rational side…I can imagine them sounding good, and sinking in. Then suddenly, the emotional side rears up and says, “Talk about money issues? I can’t see it, my spouse or partner will never listen to me, that’s why we’re separating!” If you don’t know where to begin, this is where we at San Diego Family Mediation Center can become an important resource. We are the experts who can walk you through the process of finding the right points of discussion, and show you how to frame a working solution for your future. We encourage you to reach out to us today, and let us help you build a better tomorrow.