Attorney
There is a reason why so many people who file for divorce also end up filing for bankruptcy… and it is not because attorneys are fun to hang out with. Getting divorced can strain the finances of even the most wealthy individuals.
However, there are a few tactics you can use to reduce the cost of your divorce and minimize the impact it has on your net worth. As someone with an MBA as well as a law degree, Attorney Bob Matteucci can help you find a path forward without breaking the bank.
How does divorce impact your finances?
Getting divorced can cause financial difficulty for even the most wealthy families. There are three main reasons for this.
- First and foremost, getting divorced in a community property state like New Mexico means you and your former spouse each walk away from the marriage with half of the assets you shared with one another. Few people can halve their net worth without feeling the sting.
- The second reason is that post-divorce you and your former partner are supporting two households instead of one. Whether you are setting up a new home, or paying child support or alimony to your former partner, the money you have is being diverted to things it would not have been pre-divorce.
- Finally, the divorce process itself can be expensive if you and your soon-to-be-former spouse are not on the same page. If each decision that needs to be made turns into a drawn out debate, your case is going to take longer to resolve and cost more as a result.
5 Tips for Minimizing the Financial Impact Divorce Has on Your Family
There are a few things you can do to minimize the cost of your divorce and the impact it has on your overall financial security.
- Make sure the only assets you are dividing up are marital assets. If you inherited property from your family or grew a business before tying the knot, there are steps you can take to ensure those assets remain in your name instead of going to your former partner.
- The same thing applies when it is time to apportion debts. If your spouse has debts that should be considered their separate property, you should not be forced to take responsibility for them.
- Consider bringing in a neutral third party to help resolve disputes. If you and your former partner cannot come to an amicable agreement with your lawyers’ assistance, it may be time to bring in a settlement facilitator, special master, or other professional that will help resolve the issues you are debating. This is one situation where paying a little more now can end up saving you thousands down the road.
- You and your former partner may want to consider hiring a mediator to handle your case if you are looking for a more economical and less adversarial process.
- If you have not already had a conversation with a financial planner about how your divorce may impact your long-term goals, now is the time to do so.
Not all of these will apply in every situation, but knowing there are tactics you and your family law attorney can discuss should help alleviate some of your fears.
Serving Families with Dignity & Compassion
Getting divorced is never going to be a pain-free process. But the benefits you derive from it should far outweigh the costs.
Attorney Bob Matteucci works hard to ensure his clients in the Albuquerque area take the necessary steps to secure their financial future and enjoy their post-divorce life. Please contact Bob today to schedule an initial consultation if you have questions about how a divorce may impact your finances.