Many people who think about divorce only consider how unfair they are being treated by their soon-to-be ex or the scourge of their emotional pain. They may also be concerned with how people will forever judge them because their marriage ended.
While these are valid concerns, it is important to not lose sight of the financial implications of divorce. At its core, a divorce is a business transaction; so it is critical to prepare for it just like any other business deal.
With that, this post will identify some essential aspects of divorce planning.
Know as much as you can about what you own – Before any merger or acquisition, a business will understand its financial status. It will know how much it has in operating accounts, how much it owes to creditors and what accounts are outstanding. Preparing for your divorce should be no different.
Create a forecast – Successful businesses do a good job of projecting how much money they will need to reach particular financial goals; whether it be sales projections, revenue estimates or operating costs. As you prepare for a different life, contemplating a realistic budget is important. This will help set expectations and create a reasonable negotiating stance.
Find an attorney – While this may be obvious, it is more important to find a lawyer that fits your personality, who you respect, and most importantly, who you trust. You will be working very closely with your lawyer through tough emotional issues and complicated financial questions, so it is critical that you feel comfortable with your counsel.
If you have questions about the process of divorce, an experienced family law attorney can help.