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Tips for keeping your ‘business wits’ during a divorce

On Behalf of | Dec 20, 2016 | Divorce

The problem with divorce is that it’s virtually impossible not to take it personally, no matter how kind, peaceful and conciliatory the process happens to be. For this reason – in addition to benefiting from legal expertise and experience – spouses hire divorce lawyers to represent them in order to keep their emotional wits about them.

A divorce lawyer can look at the numbers of the situation and help you make rational business decisions that ensure your rights will be protected and your divorce proceedings are concluded fairly. In addition to hiring a lawyer, here are a few ways you keep your financial wits about you during a divorce :

Your financial planning and retirement are going to change

Let’s say you’re a mid-40s employee at Ford Motor Company. You probably feel good about your retirement prospects after 10 years on the job. You’re expecting to have a pension, savings and other benefits when you retire. However, divorcing spouses in Fowlerville need to remember that their Ford pension plans will be divisible in their divorces, and their spouses may be able to take a large portion of it.

Also, finances as a retired single person are quite different than finances as a retired married person. Expenses that might have been shared – like costs related to insurance and the family home and utilities – will now be your sole responsibility. On average, expenses for a single person are 30 to 40 percent greater than those of a married person. This also means that before you retire you will not be able to save as much.

You will lose you your emotional bearings: It’s normal

Because of the huge financial “hit” that divorce often represents, many Fowlerville spouses lose their emotional bearings. They don’t know the best course of action to take and they make bad decisions, both financially and during their divorce.

When faced with these kinds of stresses, spouses should always try and start with the basics. Take an inventory of your assets and liabilities and start from there. Make a list of what will be individual property and what will be part of the marital estate. Then consider getting help from an experienced divorce attorney when making that list.

Consult with financial experts

There are numerous financial planning and accounting experts available to help individuals in the throes of a divorce, so that they can navigate the process in the best way possible. Never consider yourself above asking for help. There are so many “tricks,” strategies and legal tools available to help people who are in your situation. When it comes to the experts, this will not be their first rodeo, and they will know exactly how to overcome obstacles and prevent them later on down the road.

Stay positive and look to your profitable years ahead

It is important to keep all of the above (and more) in mind before, during and after your divorce process. If you’re going through a divorce, it’s time to reorganize your financial planning and retirement for the years ahead. The best way to look at it is this: Your marriage was a financial bet that may not have panned out well for you.

Look to the future and look toward the possibility of more profitable financial times ahead. With the help of qualified financial and family law professionals, you can navigate your Fowlerville divorce proceedings and make sound and practical business decisions throughout the process.