One of the most difficult things that a married person may ever have to deal with is the process of going through a divorce. It can be one of the most emotionally draining processes that you will ever have to endure. Adding to the mental anguish that one has to ride out is the financial burden that divorce can bring to many of us. Because of all of the emotion that people tend to be focused on, the finances can sometimes take a back seat to the stress that’s caused by the end of a marriage. Here are some things that I learned that may help you when facing the dreaded process of ending a marriage.
If Possible Handle Everything Outside of Courtrooms
While it may seem difficult if not impossible to face your soon to be former spouse in a one on one scenario, you’ll find that things are much easier when the two of you can come to agreements outside of the courtroom. Judges will listen to arguments that may become incredibly personal which stirs up emotional fog banks which can blind you to the finances and have you focused strictly on your spouse. You also run the risk of coming out with far less than you bargained for.
Stay on top of Joint Liability Accounts
You’ll have your bank accounts, stocks and other assets divided up by the courts. It’s the debt that will require your constant attention. If you have both of your names on a car and the judge gives the car to your spouse, that doesn’t release you from the responsibilities of payments. You need to get your name off of any debts that judge has awarded to your former spouse and quickly as it your credit rating will take a hit if they’re delinquent or worse yet default on the debt.
Keep full ownership of your business
This one may be tough, but you need to be sure to keep your spouse’s name off of any ownership papers for your business. This may mean buying them out for a more than the worth of the business, but this is important as a spouse may seek to hurt you by damaging your business.
Divorce is a Business Transaction
Enter your divorce just like you would any other business negotiation. Although I realize that this definitely easier said than done, you’ll thank yourself later for not allowing it to become a slander-fest! This is your financial future that you’re negotiating and you need to keep that focus to get through this.
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