A divorce is rarely easy. Emotions run high, and there are many legal factors to consider. That’s why a lawyer is an important and expected part of any divorce “team.” However, many Arizona spouses are also adding financial planners to their divorce teams. When divorcing, it is important to be as prepared as possible and avoid making rushed or emotional decisions.
The first step to a financially smart divorce is making choices about how to proceed with the divorce itself. Litigation is the most expensive option. A couple may be able to save a great deal of money in legal fees if they can reach a collaborative agreement. The more they can work together, the faster, easier and healthier their divorce will be. Collaborative divorces are growing in popularity, and less expensive legal options like mediation can resolve disputes without the expense and stress of the courtroom.
Financial experts also remind divorcing couples to consider the little things. Many people focus on the large assets such as cars, houses, retirement accounts and other property. However, smaller accounts can become an expensive oversight if left out of the discussion. Divorces can change many things related to health insurance, car insurance, access to educational funds and other expenses that may have a big impact on everyday life and the children. It is important to not let these items fall through the cracks during the divorce process.
A divorce can be a complicated and stressful process, but it is possible to get through a separation with minimal financial loss. A spouse who assembles a skilled and supportive team of professionals and family members is more likely to come out the other side of a divorce and thrive.