How to avoid letting emotions get in the way of a divorce
Spouses need to approach divorce rationally or else risk financial hardship
After years of marriage, divorce is likely to be one of the most difficult times in many peoples’ lives. As such, emotions are often running high and decision-making abilities are usually impaired. According to the Miami Herald, letting emotions get in the way of divorce proceedings could have serious financial consequences. In fact, people can take a number of steps to ensure their divorce settlement is not compromised by the inevitable anger and disappointment that follows a marital breakdown.
While for most couples a divorce is the end of a romantic relationship, it’s important to keep in mind that in the eyes of the law it is just as much the end of a financial partnership. Joint accounts and credit cards, mortgages, and property will have to be divided between both spouses. In many cases, it could be up to a judge to decide who gets what.
Therefore, as unromantic as it may sound, experts suggest looking at a divorce as the dissolution of a business partnership. People should think long term about their financial position, which means letting go of any desire for revenge or “getting even” which could, in the end, only end up hurting themselves.
Letting go and holding on
When it comes to dividing up marital assets, for example, many people often let sentimental attachments get in the way of sound financial decision making. The biggest mistake many people make, according to Forbes, is insisting on holding on to the marital home no matter what. While the house may be the biggest asset in some marriages, it’s important to keep in mind that property values do fluctuate and that homes are expensive to maintain, especially if it’s just one person taking care of the upkeep.
Although retirement funds don’t carry as much emotional cache as a couple’s home, they could have a much bigger impact on a person’s future. While every marriage is different, for many people a retirement fund will provide a larger and more stable source of income going into the future.
Of course, telling people to not let their emotions get in the way of their divorce is easier said than done. Indeed, experts suggest that people going through a divorce surround themselves with professional advisors, such as financial advisors and health counsellors, in order to ensure they are making the right decisions.
A qualified family law attorney is another important source of professional advice to have on hand during a divorce. Such an attorney can provide the legal guidance people need, such as how marital assets are typically divided, so that they can move on with their lives following a divorce.