Thinking about Divorce? Think Money Money Money
By: Cindy Hide
Thinking about divorce?
Here’s your new mantra:“Money, money, money, money…MONEY!” (hum to the classic tune “For the Love of Money” by The O’Jays)
A marital dissolution or divorce includes paying your attorney, court costs, and your living expenses. Variable factors of the cost of your split will include: the complexity of your case, the integrity of you and your spouse, your cooperative spirit,the amount of attorney’s fees, the area of the country in which you live, custody, mediated issues and jurisdiction.
Seeking professional advice in addition to your attorney provides insights in areas that your advocate might not specialize. This is especially true if you are determining a value for your business that will be part of your settlement. In this case you will need your own business evaluator.
Some of the valuable professionals to consider are: a family law attorney, a tax attorney, CPA, financial advisor, a forensic accountant, a business evaluator, a real estate broker (house or property appraisal,trust, wills, and estate attorney,
and psychologist.
It is important to secure your one half of the marriage resources to fund your divorce. These resources could include cash, savings accounts, credit cards, equity in your home, a family loan, retirement plans, a divorce lien, sale of assets, increased income, a commercial lender, or the sale of your house.
Here are some practical tips: photograph all your property; copy all financial information in advance of filing such as bank statements, financial statements, loan applications, income tax returns, credit card statements, business telephone records, brokerage accounts, deeds, or anything of value or sentiment; and build a financial reserve if possible prior to filing.
Are you humming yet?
Cindy Hide, BA, JD, is Director of Divorce Education for Women and author of 7 Steps to Divorcing Wisely: Do I Stay or Do I Leave?: A woman’s guide to pray, pause and ponder…She offers family law legal services, life coaching by phone, seminars, FREE e-tips and an on-line bookstore with instant downloads, videos, books, and jewelry to empower women in relationship transition. Visit http://www.DivorceEducationForWomen.com or call 713.599.0065.