It’s A Game Changer!

Divorce Changes Lives: For Better or Worse

Don’t underestimate the impact of divorce on your life. You can google divorce and every facet of it and come up with many ways to be bigger, better, stronger, empowered following your divorce. You’re on to bigger and better! And this might be the case in your situation but you have to get there. You have to travel the divorce road full of conflict and decisions, many that you may feel incapable of making on your own. That’s right, on your own!!

When you’re stressed and distressed, the part of your brain that is tapped to make good analytical decisions is not at its peak state. This causes one to become overwhelmed with decisions and choices. Divorce is one time in your life when you MUST make difficult decisions and for many, it’s the first time these enormous options are being considered without the benefit of the spouse.

David Bach, the author of Smart Couples Finish Rich, provided some insight into divorce during an ABCNews interview.

Below are highlights:

  • FILING for divorce is relatively inexpensive.
  • Try to avoid litigation (traditional divorce) – only about 5% of all divorces in the country end in a trial although many go to court to resolve smaller issues.
  • Upper middle class divorces cost anywhere from $50-$180k.
  • Couples often spend from 10-15% of your assets on legal fees.
  • Bach suggests mediation, collaborative, and cooperative resolutions.
  • Retainers range from $5,000-$25,000 cash.
  • He strongly recommends contact with a financial planner before you negotiate a settlement – and most likely would have encouraged the inclusion of a divorce coach, if he had known one.

Other considerations are:

  • Should I file for divorce now? What about support?
  • Do I have to file for child support in a different way?
  • How much money will I receive or be responsible to pay?
  • What happens if he/she runs off with our money? Hides assets?
  • What happens to the school loan debts?
  • What about health insurance? Life insurance?
  • Should we choose mediation, collaborative, cooperative or the more traditional path for divorce?
  • What should we do with the house?
  • Do I have to return the ring?
  • What will happen to the retirement funds, the pension and will I get Social Security?
  • Are there stock options or deferred stock and can that be split between us?
  • Can I change my will? Who has my power of attorney?
  • And most importantly, how will we share parenting and will my kids be ok?

Breaking up is hard to do…for sure. Divorce is worse than that!!

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