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How not to get broke when divorcing?

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Probably, no one plans divorce when getting married although it is worth to take some precautions in order not to become broke in the worst-case scenario. Regardless one’s bank account, a couple might spend from $5.000 to a seven-figure sum, according to the American Academy of Matrimonial Lawyers.

First, think of your legal representation. An attorney must be a professional and a caring consultant. Find out the hourly rate before signing any agreements. If some junior attorneys or paralegals will be working on your case together with the main attorney, you can count on lower fares.

Do your homework. Think of all possible questions and send them in one letter. Decide what you are after in the legal process. If you prepare and organize all the necessary documents in a proper order, you can cut your expenditures. The less time the attorney spends on finding documents or processing your requests, the fewer hours he or she will charge.

Think big. The dissolution of marriage leads to a tough bargaining. When emotions overwhelm, one might think at that moment that everything is at stake. Think of possible future crossroads. If you have common children, then you might regret burning the bridges one day.

That is why try to consider the alternatives, if possible. Mediation or collaborative divorce can minimize the financial strain. Collaborative divorce may involve not only legal representatives, but therapists, counselors, and financial advisers as well. But if you fail to make a deal, the attorney that helped you to negotiate can no longer represent you in court.

Finally, trust your own gut. A professional can provide you legal advice and help to deal with procedures. Neighbors and relatives will grant sympathy and overwhelm with the advice too. Nevertheless, each case is unique. Don’t let any outside interference confuse you. Don’t get triggered during the court hearings, always stay cool and focused on your true desires and goals.

Source: cnbc.com

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