The passing of the holidays and the start of a new year often bring divorce filings for many couples, whether these couples are ready or not. If you're going through the process now, or you anticipate going through it soon, read this excellent article from Divorce Magazine. The article offers 7 ways to avoid costly mistakes:
1. Consider mediation with a financial advisor
2. Seek the advice and counsel of professionals who focus in divorce
3. Round up all the info on your finances
4. Understand your expenses - what's going out versus what you take in
5. Understand what separate property vs. commingled property is
6. Try to take advice from family on your divorce (including your finances) with a grain of salt
7. Work with a therapist who works with divorcing people/couples
Let's end with this quote:
"Each person's divorce case is like a fingerprint: it's unique to their life, assets, income and expenses."
Here's the overarching theme running through the list above: it's that you can often get a better result in a divorce by focusing on (and getting sound advice on) all four of these things: your life, your assets, your income, and your expenses. And you can do so by getting the right people on your team, like an experienced financial mediator.