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Financial Common Sense for Divorcees

Divorce is a financially difficult experience for many couples. In our last post we discussed ways that couples who own small businesses can deal with the divorce process, but concerns regarding legal costs and mortgage payments are far more universal for divorcing couples in Massachusetts.

There are several key things that separating couples can do to avoid the financial burden of a divorce, including selecting the right attorney. Finding a divorce attorney who understands your goals is essential to lowering your legal costs. Although you can change attorneys at any time in the divorce process, hiring the right attorney the first time is often far cheaper than paying a new attorney to get up to speed on a pending a divorce.

In addition to finding the right attorney, it is important to pick your battles carefully. Setting aside any animosity that you have toward your spouse and focusing on big, important items is the best way to get your divorce finalized quickly. There's no point in paying an attorney $200 to send a letter regarding a $15 dinner plate, for example.

Finally it is important to remember that your financial world does not stop for your divorce. Stay current on mortgage payments and do not max out your credit cards. Responsible financial principles still apply during a divorce and prudent financial management can help make post-divorce life much easier.

Source: HuffPost Divorce, "Top 5 Ways to Ensure Financial Security During your Divorce," April 23, 2012

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