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Avoid financial pitfalls of divorce, part 3

This post is the final post of a series discussing financial wisdom and divorce. So far we have presented the following rules from Fox Business:

Sometimes, compromise could be worth it; your marriage is over, so dump your joint accounts; know exactly what money/debt you are fighting for; and know that your divorce settlement might tell you and your ex how things will be handled, but creditors don't have to answer to it.

Two more basic tips remain. But being basic doesn't mean that they are not incredibly important:

Think long-term value when dividing marital property:

Right now, the house or car might be worth a certain, appealing amount of money. But as we have all painfully learned, even assets as emotionally valuable as a home do not hold their financial values forever.

When a couple is creating their divorce settlement with the idea of dividing things equally, it is essential that future values of assets are contemplated. Again, this tip shows how a divorce attorney is not only invaluable during a split. A financial planner can make the process more effective in leading to a fair settlement.

Don't give up

This tip might sound odd after initially being advised that sometimes, compromise is worth it. But getting to a fair divorce settlement that makes you happy at least deserves a solid fight. Divorce can be an emotional, complicated and tiring process, but it's a process that's the beginning of the rest of your life.

The matters that are settled during a divorce such as child custody, spousal support and property division will be key to whether your post-divorce life will be not only stable, but splendid. Such a future is worth fighting for, right?

If you have any of your own tips or warnings about money and divorce, please feel free to share. Questions are also welcome on this family law blog.

Source

Fox Business: "6 Financial Mistakes to Avoid in Divorce," Teresa Bitler, 21 Mar. 2011

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