4 Things You Must Do to Protect Yourself From Going Bankrupt in a Divorce

In this blog posting Cheryl and Joe Dillon offer four tips for couples preparing for divorce.

• Don’t use the legal process as a weapon to try to get even with your spouse.  If you’re thinking of going this route, plan on bankrupting yourself financially and emotionally because you’ll spend up to $200,000 and waste two to three years of your life fighting this battle.
• Beware of coming to agreements with your spouse prematurely.  Given the financial complexities of divorce, there’s a lot you “won’t know you don’t know” so it’s important to take the time to do the proper discovery before you do any deciding.
• Don’t have unrealistic expectations of what you can get/what you’ll pay. Take time to learn the facts/realities.  Let a qualified professional give you some perspective and help you come to a fair and realistic settlement.
• Choose your divorce professional carefully.  Instead of hiring lawyers as your first step, try divorce mediation. In mediation, a trained neutral third party well-versed in the laws and financial matters of divorce will help you and your spouse negotiate directly with the goal of reaching a settlement you both find fair.