Will My Divorce Ruin Me Financially?
by admin on March 6, 2011 in Family Law, FAQ
Differences over money are often cited as one of the primary reasons for a couple’s marriage problems. It is important for your attorney to assist you in separating emotions from the business of dividing their assets. This is important to help clients achieve a divorce settlement that provides for both present and future financial needs.Money means different things to different people and it has the capacity to trigger powerful emotions in everyone. The goals of a divorce are twofold: severing the legal AND emotional bonds of marriage. Our attorneys understand that money can be a hot button which can evoke emotional fireworks. These emotions can often disrupt the resolution of the clients’ financial matters in a divorce.When a marriage breaks up, the last thing anyone feels like doing is crunching numbers. Many human beings have difficulty making logical decisions when it comes to their personal finances; therefore, it is very important to seek solid financial AND emotional advice while going through a divorce. Decisions regarding finances must be made with a business-like frame of mind. If you allow a vindictive attitude or feelings of guilt to influence these decisions, you may wind up regretting it for years to come. The following is what our attorneys do to help out clients:
- Encourage our clients to be involved. The client needs to learn to think about their money and examine it. If they have previously left money matters to their spouse, now is the time to assume responsibility for their own economic interests.
- Encourage our clients to commit to a budget. We counsel our clients to be realistic about their spending habits and be prepared to adapt their budget to adjust to any lifestyle changes that may occur, whether these changes are for the better or worse.
- Encourage our clients to seek out the advice of a competent financial advisor.
- Encourage our clients that they might need to develop a new mind set. In a divorce the clients need to understand that their economic interests are now separate and apart from their spouse, and they may in fact have distinct interests which may compete with their spouse’s economic interests.
- We explain to our client to banish guilt. Money cannot “buy” away feelings of guilt.
- Encourage our clients to avoid settling prematurely. Clients need to be wary of settling for less than what they are entitled to simply because they want the divorce over. We reinforce our clients’ need to build a strong and healthy future both financially and mentally.
- It is important not to allow feelings of helplessness. It is important to communicate the financial matters and concern in unwinding joint finances.
- Honesty is always the best policy. We encourage our clients at all cost, to remain honest. By remaining honest it is less likely to cause emotional turmoil and it is much more likely the client will be able to identify the psychological factors which are driving their financial behavior, and will help the client to attain a state of mind that will help them learn to earn, spend and invest for today and their future.
Some people going through a divorce will lie, cheat and steal for a financial advantage; others will turn their backs on money to their own disadvantage. Divorcing men and women, often overwhelmed by emotions, react financially to their FEELINGS. We will help you to avoid the emotional pitfalls that may hurt your financial future, and we will help guide you through a divorce process that will provide you with sound financial examination of your assets, and allow you an opportunity to be in charge of your financial future.