Balancing finances is good for both parties in divorce

There is no worse fear than believing that you'll be left with nothing following your divorce and have to start over from scratch. The thought of losing your home, your assets and your financial stability is horrifying, but it's something that people deal with every day.

One good thing that is happening is that more people are realizing the importance of having both parties walk away from divorce with a stable financial outlook. The situation is already stressful, but by making sure both parties can support themselves, it's better for everyone.

How can you make your divorce work in your favor?

It's a good idea to work with several people including accountants, your attorney and even therapists to make sure you're making good decisions before confirming a settlement. The decisions you make now will affect you in the future, so you want to make choices that support you financially instead of hurting you. Keep in mind that you may need to adjust for medical insurance, auto insurance or other policy changes following divorce and include this in any negotiations you have.

The average cost of a divorce is between $1,500 and $15,000. To keep down that cost and keep more money in your pockets, it's a good idea to consider a collaborative divorce. If you and your spouse can agree to work together and negotiate well, it's possible to resolve most of your issues outside court. When you don't need to take up a judge's time and energy or keep running back and forth through negotiations with your attorneys, you'll save money and time.

Source: ABC 27 News, "New trend in divorce aims to leave couples financially stable," Kendra Nichols, May 09, 2018

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