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DIVORCE FUNDING TIPS
Contributed by
Nicole Noonan
DIVORCE FUNDING TIPS
Money and divorce. These topics can cause pain and heartache. Ending a relationship with someone you love can be traumatic enough on its own, but in today’s society, that pain is often magnified by the legal stress and expense of divorce proceedings.
As children, we are taught to save money for positive things like video games, toys or candy. As we get older that mentality sticks with us. We save for an expensive pair of shoes, a great bag or even a wedding. We imagine the fairytale wedding with a “happy every after.” What happens when that happy ending does not occur? Perhaps the more important teaching should be “hope for the best but plan for the worst.” Unfortunately, in reality we should be saving for the unexpected life event… such as a divorce. Here are a few tips on what to do when it is time to say “I Don’t.”
1. Cut out the lattes.
The next time your car “automatically” pulls up to a Starkbucks for a grande dolce latte, think twice. Do I really need to spend $7 on a coffee? Or when it comes to lunch time pack a lunch. Take an online exercise class rather than spending $35 on a barre class. Create a budget for yourself and start seeing where you can save during what could be a financially draining time. Tighten those belts.
2. Select professionals who fit your style.
You’re going to be working with this person, so pick an attorney who has a style similar to what you are trying to accomplish. Besides representing your interests, the attorney should represent your style. If you are leaning towards mediation don’t pick an attorney who is pushing to take your case to trial. If you retain a so called “pitbull” only to get back at your ex, you may end up with nothing more than a contentious fight and a huge legal bill. Likewise, if you’re gearing yourself for a courtroom battle, make sure your attorney has a reputation for faring well under contentious circumstances.
3. Pick your battles.
Not everything is worth fighting over. Pick your battles and what is most important for you. Never fight just for the sake of fighting. Even more important is to determine what a fair settlement is under the circumstances of your marriage. Wanting to “take everything” in the divorce because you have been “wronged” is understandable, however, the divorce system is designed to be dispassionate. Fighting for the sake of fighting won’t get you anything but higher legal bills.
4. Do not be afraid to ask for help.
Going through a divorce can be a daunting task especially if you have not prepared financially to support yourself during the process. Just as you may have needed financial support for a wedding you might need it for a divorce. Friends or family may be able to help but it can be expensive and burdensome. Credit cards are another option, but it may be difficult if your spouse has cancelled your card or impossible to get a line of credit of your own if your credit history is not solid. Similarly, in a divorce many times accounts are frozen and both spouses cannot access. Do not be the victim by taking less than what you deserve in a settlement. Level the legal playing field by utilizing divorce financing options. Divorce funding is designed to help with a divorce, in that it provides liquidity when funds are inaccessible. With divorce funding a cash advance is made so you can hire the right “divorce team” no payments need to be made until settlement. Even a relatively amicable divorce can prove challenging. Imagine how difficult it can be if your spouse is spiteful, controlling, or even a narcissist! Some spouses try to delay, and needlessly complicate their divorces at every available opportunity so that the proceedings linger on for months or years. Start preparing today for tomorrow.