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Doing this will help you come out swinging when you get your day in court. Consider Mediating Your Divorce It’s no secret that divorce can be expensive.
In fact, according to Narris, the average cost of legal fees in a divorce is ,000.
Paying alimony can actually help you out come tax time, however.
According to Narris, people who pay alimony to their exes can write it off as a tax deduction.
Because the same holds true for liabilities like debt and credit cards, couples should be sure to consider all factors when doing their financial planning. Make Big Purchases Before Filing for Divorce Have a big purchase in mind, such as a new car?
“Most states issue automatic financial restraining orders prohibiting people from making big purchases or liquidating assets after the divorce is filed, absent a court order or an agreement,” said Narris.
According to Narris, if what you’re hiding is discovered, you’ll lose your credibility in court.
“Even if you receive support, the courts can impute income and expect you to be working if your kids are school aged and you are not of retirement age or disabled,” said Narris, who cautioned against “depend[ing] too much on a hopeful spousal support award.” Updating your education now can help protect you later if things don’t go your way in court. Familiarize Yourself With Your Finances Before You Split Normally, one person in a household manages the finances.
However, this arrangement can create a “power imbalance when it comes time to negotiate settlements,” according to Narris. Seek professional help to guide you in making more informed decisions about finances being filing for divorce.
Check out these 40 secrets from top divorce attorneys to help you protect your assets and stay on the winning side. Don’t Let Emotions Lead Your Financial Decisions People often want to take out their hurt feelings on their exes; however, it’s important not to let emotions interfere with the business at hand.
In the long run, being spiteful could harm your own finances.