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Divorce Dollars

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When someone is going through a divorce they usually cut back on expenses immediately. Things go out the window like going to restaurants, taking vacations, spa visits, buying shoes, etc. (Okay, maybe not the shoes.) Anyway, the best place to save money might just be with the divorce, itself. Egos and emotions get in the way and before you know it a legal bill gets run up that is sure to surprise you. People are staying in marriages these days because it’s too expensive to have a divorce. If you intend on selling your house in this market, there’s a good chance you will lose money on your investment. So what do you do? How do you handle it?

The Los Angeles Times wrote a recent article entitled “Cutting the Cost of Divorce” that shows you ways to get less emotional and get more businesslike, so you can save money on your divorce. Here are some highlights from the article:

“The cost of litigating the heck out of a case doesn’t benefit either person. It destroys the family financially, and that doesn’t even consider the emotional toll,” said Mark Baer, a family law attorney in Pasadena”By the time you pay the legal fees, you’re going to spend more than the amount you were fighting over.”

“Couples let their emotions take control and they spend it all on attorneys,” Baer said. “They’re now worse off financially than if they’d never been married — just because they refused to act like mature adults.”

“Half. You get half of the assets accumulated during marriage,” said Diana Mercer, coauthor of “Making Divorce Work: 8 Essential Keys to Resolving Conflict and Rebuilding Your Life.” “I just saved you $400 in attorney’s fees.”

You may want to hire a therapist before you hire an attorney, Mercer suggested. Only about 20% of the issues you will confront in a divorce involve questions of law, she contended. Yet Mercer said she’s had clients run through a $3,000 retainer in 10 days telling her about every little thing that the ex wants or says.

To read the entire article click here.

Comments (2)

A divorce attorney once told me you have to decide if you want money or revenge…… can’t have both!

Georgia that is a great comment! It is so true.

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