Divorce Money Matters

Here are some divorce options you may not be aware of:

·         Pro-Se – Do it yourself.   May be ok for very simple cases (no real estate or other assets or debts, no children), but beware this can be riddled with problems.  Best to at least consult with a financial advisor and attorney before finalizing.

·         Pre-Divorce Financial Planning – Working with a CDFA or Divorce Financial Planner to work out the financial issues before filing for divorce can be very cost effective.  Once the financial and parenting issues (if there are any) are worked out then a couple can file as an uncontested divorce literally saving themselves thousands, if not tens of thousands, in legal fees.

·         Mediation – Mediators act as neutral parties to help couples craft their own agreements.  

·         Arbitration – Used only for particular areas of contention that couples can’t work out on their own.  Final and binding.  Not commonly used in divorce or the best way to go, but can be useful in some situations.

·         Collaborative Divorce – Uses a team concept – 2 attorneys, 2 coaches, 1 financial neutral and 1 child specialist, if needed.  Parties are not allowed to go to court.  There are pros and cons to this as well.

·         Cooperative Divorce – Similar to Collaborative, but parties leave open the option for going to court.  That may be a pro or a con.

·         Litigated Divorce – This is what most people think of when they hear the word divorce.  Knock down, duke it out in court types of divorces with very adversarial approaches.  With the right blend of attorneys on both sides, this may not be as costly.  With the wrong type of attorney on either side, this can be a money-sucker for both sides from the very start.

·         There  may be combinations of any among these.