Many people find themselves in marriages that are destructive but are too intimidated by the process and the unknowns to know where to start. This is one of the reasons divorce lawyers make so much money – they help people navigate the system, and are a shoulder to lean on in a very tough time. Clearly, your lawyer is extremely valuable for certain things but if you want to save expense then you need to do as much as you can in prep. If you can gather information about your finances, get organized, and begin planning what you want your post-marriage life to look like on your own, you will save significant money.
In addition to the expense that can be avoided, it’s important that you understand that your lawyer may not have a strong financial background! Attorneys are not required to be CPAs or Financial Planners so you cannot expect them to be your advocate in those areas, despite their best intentions. Your laywer may not know the tax impacts of certain decisions down the road. He may be strong on tax impact but not have enough experience with retirement benefit settlements. The message to take away is: the more you can self-educate, the more you can ensure that after the divorce, you are financially strong.
Every minute spent self-educating could translate into thousands of dollars saved in potential child support, alimony, taxes, property settlements and legal fees. It is overwhelming but you can do it. Keep reading, keep thinking about what you want, and take advantage of the resources that are out there to help you through this tough time.
If you are interested in additional information related to this topic or additional strategies, please download our eBook: The Financial Divorce – Your Guide to Financial Divorce Knowledge.
