Tag: divorce

4 Things You Need to Know to Avoid Costly Divorces

No-one wants to be prepared for a divorce. What you want is for your marriage to last forever and for your divorce to be over as soon as possible. Sadly, the legal fact is that ending a marriage union is just as complicated — if not more complicated — than starting one.

Yet, rushing through a divorce without thinking through the financial side of things properly is never a good idea. Without sound legal counsel and a slow, meticulous process, a nightmare divorce can wind up costing several times more than a dream wedding. So, in order to make sure that a divorce doesn’t cost you, here are four things you need to know.

1. The best divorce lawyers in London are the best divorce lawyers in the country

London is home to a lot more lawyers than you probably realise. Of all the lawyers that operate in the UK, 75% of them operate in the Greater London area. For that reason, if you can find the best divorce lawyer in London, you’ve likely found the best divorce lawyer in the country. What’s more, what with London’s immense size and influence on the global stage, the best divorce lawyer in London may well be one of the best divorce lawyers in the world.

This isn’t just true of the best divorce lawyers in London. The best divorce lawyers in New York City or Los Angeles are likely to be some of the best lawyers in the United States because, just like London, they too are world cities with huge populations and a disproportionately large number of lawyers.

2. If you’re irrational, even the best divorce lawyers in London won’t be able to help you

One of the most common mistakes that people make during a divorce is to prioritise things based on how they feel about them, rather than their financial value. While this may be good life advice, it’s terrible divorce advice. Divorce settlements are based on the money that each partner in the relationship is entitled to. Don’t undermine the importance of this by stubbornly sticking to personal attachments. To do so, make sure you and your ex-partner’s asset valuations are performed by a quality, dispassionate observer.

Divorce lawyers are there to offer you sound legal counsel and emotion-free, impartial advice. The problem is that, when you’re going through a divorce, this advice can be hard to hear. As such, you might choose to ignore it. You are free to do so, of course. Your lawyer’s job isn’t to make you do anything. So if you choose to make huge mistakes because you were thinking with your heart and not your brain, not even the best divorce lawyer in London could help you.

In short, controlling your emotions and avoiding rash decisions based on sentimental attachments is your job and yours alone.

3. Divorce doesn’t make debt magically disappear

A marriage contract means that a lot of debt is shared, and a divorce doesn’t automatically change that. If your ex-partner has some serious money issues, you need to know about them. Not having that difficult conversation now will cause some extreme headaches later down the line. (more…)

Can You Financially Handle Divorce?

Divorce is something that is pretty painful to talk about, but there comes a point where you really have to deal with it. I won’t go into the morality of it, nor will I tell you that you need to reconsider divorce as it’s not a good thing to do. You just have to figure out what you want to do at every angle, and work from there. If you are leaving a relationship where there are children involved, it’s very important to make sure that you have strong legal counsel backing you at every turn. If you don’t get a good lawyer, you could end up damaging your children’s future without thinking about it. Don’t let anyone tell you that they have your child’s best interests at heart — they often don’t.

Moving on, the biggest thing that you can do in a divorce is have good communication. You want to be honest with each other. If things are just not working, then arguing over property doesn’t seem like a great use of time. Everything should be divided as fairly as possible ahead of time. In fact, most of the high cost of divorce stems from arguing over who gets what, rather than actually being separated. People feel like they need to fight at the last minute to get back things that really don’t matter to them. They want to fight over things because they can’t fix the things that were terribly broken — that’s the hard part, and it’s hard to feel like you really can move on.

You have to stop wonder if you’re financially ready to handle divorce. If you’ve been saving money and holding on to your job, you might get out of things a lot better than what you might expect. Some people feel that it’s pointless to even think about getting out of their marriage, because they really wouldn’t have any resources. The truth is that if your spouse feels like the only reason you’re holding on is because of the money, they’re going to eventually leave. No one wants to feel that way at all.

Are you looking at how you’re going to move on from these problems? What about finding somewhere to live? It can feel like you have to make a lot of these decisions quickly, and you often don’t get a lot of time. So if you can, find someone that has already been through the divorce process. Everyone’s divorce is going to be slightly different, but they should be able to support you where it counts.

Keep your head up — better financial times can be ahead of you! ~Ellie