Getting a Divorce

Navigating the emotional and financial minefield of divorce is one of the toughest things you’ll ever do.

Here’s a somewhat disheartening and sobering fact: the divorce rate in Canada has doubled from that of the early 70s. While the legalities of getting a divorce may have become somewhat easier in the past 30 years, the financial ramifications remain the most intimidating and potentially devastating aspect of ending a significant life partnership.

But with proper planning and expert help from professionals specializing in financially equitable divorce settlements, you can increase your chances of arriving at a settlement that fully addresses your long-term financial needs.

Developing comprehensive insight of the short-and long-term financial effects of divorce can save valuable time, money and distress, especially if the process is conducted early in the legal proceedings. Many separating couples seek individual legal assistance before assessing their financial situation. While lawyers serve a crucial role as individual legal advocates, they are not necessarily there to explain financial consequences in detail.

Misinformation and misconceptions about the divorce process can be detrimental. Many have false expectations that they will be able to secure a divorce settlement allowing them to continue with their accustomed style of living. Financial divorce analysis helps to ensure a good, stable economic future and prevent long-term regret with financial decisions made during the divorce process.

It’s important to realize that divorce is the breakup of an economic unit, as well as a family unit. The process should be approached as a dissolution of a financial partnership, with each party attempting to remove the emotions from the process in order to develop a workable plan. There are three common emotions that are prevalent in the beginning stages of a divorce: fear, anger and guilt. It can be a role of the CDFA™ to recognize these emotions, determine where they are coming from, and help defuse them.

Here are a few key financial elements to be aware of when going through a divorce:

Gather all financial and property records. Obtain records of all bank, and brokerage accounts, insurance policies, retirement plans, tax returns, and other financial data. Develop a comprehensive list of all your property and assets, including furnishings, art objects, jewelry, and investments. Compiling these records is a good first step in any agreement regarding division of assets.

Think through what the divorce will really cost you in the long run and develop a realistic monthly budget during the financial analysis process. Expenses such as life insurance, health insurance and cost of living increases must be taken into consideration when agreeing on a final financial settlement.

No matter how cash-poor you are you must begin savings. If you don’t start, you’ll never regain your financial footing. Prepare a budget or cash flow analysis even if you’ve never done one before. Your new financial circumstances should be analyzed. Prepare or at least review your budget with a financial planner may be a better approach. Independent review is vital to avoid “fooling yourself” with overly optimistic assumptions.

Be aware of all tax liabilities and benefits. The monthly distribution of the financial settlement will change individual tax burdens based on the amount of Spousal Support (taxable income to the recipient and tax deductible to the payor) vs. child support (tax neutral for both payor and recipient).

Act quickly to protect your assets. Alert your, bank, brokerage firm, or mutual fund broker of the situation. They may agree not to make transactions on joint accounts without your approval. Immediately establish credit in your own name if you don’t already have it. Revise your estate plan, power of attorney, and beneficiary designations.

Keep the lid on legal fees. Don’t use your lawyer to get back at your ex. A divorce these days is really an economic issue. Most people cannot afford to pay for vengeance. Understand that the meter is running every time you call your Lawyer. Don’t waste your time venting emotional issues or sharing the latest outrage.

Set a realistic housing budget. Don’t let emotion cloud your judgment about keeping the family home. Set a realistic budget that takes into account your mortgage, property taxes, and maintenance. Divorcing women often pass up their ex’s pension in favor of the house—even though the pension may be worth far more in the future.

A divorce usually takes place between a husband and wife over some misunderstandings, extra marital affairs or just because they can’t tolerate each other. Sometimes, the divorce proceedings take months where there is lots of emotional and psychological pain the family has to face. And to club this all, there is the high financial costs that have to be borne for the divorce to take place. The lawyers charge high fees, and the never ending process of divorce denotes the excess need of lawyers for a longer time.

All these complications arise when the parties are unwilling to negotiate due to bitterness and anger the parties have towards each other. There does not seem to be a mutual agreement that the couple can come across wherein both of them will be satisfied with the outcome of the divorce. Sometimes the case itself is so demanding that it does not permit the couple from coming together at a common settlement. Such will be its legal proceedings.

However, if and when the parties are ready to negotiate with the legal proceedings, they don’t have to suffer a painful process in the divorce. There is a less painful and less expensive option to the court proceedings. And this alternative is called divorce mediation and is a more civil and less emotional process to reach a divorce settlement.

In divorce mediation, both the parties undergo a legal process, like all other divorce cases. However, the difference here is that there is a trained and impartial third party who offers his or her services in the form of advice and assistance so that they can help the couple reach a mutual understanding. This does not mean that the two parties forsake the services of their divorce lawyers. They still do need the help of their respective lawyers through whom they are informed of all the specific legal procedures. This way there is no chance of any misunderstanding occurring; and with this, there is a better chance of reaching a mutual agreement with the help of mediation. Divorce mediation is actually a better choice for a couple seeking divorce as the stress and the cost that is involved in legal battles are avoided by the couple.

There is also proof that couples who go through the divorce procedure with a more ‘friendly’ and civil mode of mediation are usually more satisfied with the agreements that they reach. They reach a compromise earlier because the third party clears any doubts the two parties may have to reaching a mutual agreement. Another and the greatest benefit of divorce mediation is that it minimizes the trauma the children have to endure when parents decide to go their different ways.

So it can be seen that with divorce mediation, a divorce need not be more painful than it has to be, and there is no need of it being expensive either. This is because this is a more civil, less painful and more practical mode to reach a divorce settlement.

Those who are unable to live happily with their partner decide to terminate their marriage. But, divorce is not as simple at it appears. If you want to have a quick and hassle free divorce, you must take divorce legal advice.

The need for divorce legal advice arises from the fact that both parties need to settle important issues before getting separated. For instance, they have to calculate the value of their property and then divide it between themselves. If there are children, they must decide on their custody. They also need to decide how much will the father pay monthly or annually to the mother for bringing up the child. All these and other such issues can’t be resolved without a proper legal interface.

It is in this context that we can understand the role of divorce solicitors, also known as divorce specialists. They are the expert people who have adequate knowledge regarding various legal proceedings. Reputed divorce solicitors know how to present your case in the court of law and get decisions in your favour.

Divorce Specialists not only provide legal advice, but also help in preparing necessary documents, filling the divorce case, and then taking care of other legal formalities. Divorce service firms would not only save you from the trouble of paying regular visits to the court, but would also save a lot of your money.

For the best results, you must look out for the reputed divorce solicitors firm UK. Such divorce firms take care of everything. One such divorce solicitors firm that you can consider is Full Service Divorce. This online divorce service firm has a team of reputed divorce solicitors who are well qualified to handle all aspects of the proceedings and even offering updates on the divorce process. The divorce service provided by Full Divorce Service includes filling up of all forms and even filing them at every stage of the divorce, ensuring that all the court correspondence is effectively dealt with.

To avail their divorce service, you are not even required to be present at the court. The divorce solicitor will carry the Divorce Proceedings on your behalf while you can easily coordinate with them over e-mail or phone.

This is not all. Full Service Divorce provides Divorce Legal Advice at a cost which is only a fraction of what other divorce solicitors firm in UK charge. For more details about their divorce services, log on to their website fullservicedivorce.co.uk.