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Preserve Your Finances with These Strategies
greater the conflict, the more you will see your finances erode. What do
separating couples fight about? For starters they can fight over the care of
the children between them, the home, the pension, the business and the
distribution of all joint assets.
among your costs though, will be your lawyer’s fee. While you may think the
more expensive the lawyer, the better the service or outcome, but this may be
far from the truth. A better predictor of your legal fees and outcome may be
your lawyer’s propensity to seeking settlement over conflict and your
lawyer’s ability to rein you in when your anger clouds judgement.
preserve your legal cost, consider those lawyers who are trained to work
collaboratively versus adversarially. Indeed, look for collaborative lawyers.
Collaborative lawyers take a problem
solving approach and work collegially with other collaborative lawyers,
financial and family professionals to achieve mutually agreeable settlements. Google
collaborative lawyer and your location to come up with a listing of
those lawyers specifically trained in collaborative law.
over the children can not only add to legal fees, but can create additional
costs for services such as assessors, mediators, parenting coordinators and
counsellors. To facilitate the emotional aspects of your divorce and to sort
out your parenting plan work with a social worker, whose expertise includes
working with separating or divorcing parents. Again a Google search for social
worker, divorce and your location should return a number of these
professionals in your area.
many parents try desperately to hang on to the matrimonial home, the fight for
possession and then carrying costs, may drain their financial reserves. While
you may think that hanging onto that home is good for the kids, struggling
financially to achieve that goal may undermine any benefit of ownership. Your
children need your emotional support and attention. If you are distracted by
the stress of home ownership, your children may suffer too. The best home for
your kids, may be the one you can afford. However, if you do seek to keep the
kids in the matrimonial home, this is best achieved by parental agreement.
over finances, assets and business can also require the services of mediators,
actuarialists, accountants and business valuators. To assure you reach a
suitable and equitable financial settlement, consider a financial divorce
specialist. These are financial professionals who are not seeking to be your
personal financial advisor or portfolio manager. Financial divorce specialists
work with divorcing couples to help determine the best joint strategy for
settling the distribution of financial assets, spousal support and child
support. Again, Google financial divorce
specialist and your location.
the end, you not only have to survive your divorce from an emotional or
psychological perspective, but you must maintain your financial health too –
an important ingredient to long term peace of mind and stability.
your team of helping professionals to guide you through your divorce process.
Include a collaborative lawyer, a social work professional and a financial
divorce specialist. The cost of the right helpers can far preserve your
finances than the cost of the wrong helpers.
Direnfeld, MSW, RSW
Direnfeld, MSW, RSW
For information on Direnfeld's book, Raising Kids Without Raising Cane, click here.
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