The first Monday of the new year is often referred to as “Divorce Day” by lawyers, due to the staggering influx of divorce inquiries made.
In the wake of this alleged divorce season, many are gearing up for the inevitable obstacles that are both emotional and financial.
And while the pain of divorce must be worked through, easing the financial strain of what is often a costly endeavor will make it a little less painless for you and your children.
Explore your options
Divorce is undoubtedly difficult. But before diving into the courtroom, consider all of your options. Choosing the right way to proceed from the get-go can help you save time, money, and strain on your family. Out-of-court disputes are often less costly. Look into mediation with your partner and a legal professional. The time spent out of court could save you big time.
Sort out your finances
According to recent statistics, couples who argue about finances as regularly as once a week are 30% more likely to get divorced than couples who have financial disputes on a less frequent basis. That being said, you don’t want to carry those financial problems into the divorce process. Rather, gather your financial information and meet with your ex-partner as soon as possible. Whether you do this one-on-one or in mediation with your lawyer, the transparency will save you a lot of financial pain in the long run.
When children are involved, divorce can take an even heavier emotional toll. To compensate, many people become emotional spenders, booking special vacations and buying gifts in order to make up for guilt you may be feeling.
“My children’s lives were changing no matter what. I needed to accept that and work on new ways to help them adjust. Spending and buying them new things was not the answer,” Cheryl Holland told US News, who runs A’Sista Media Group LLC, a women’s empowerment coaching business in Rochester, NY.
Rather than spend money on gifts and exorbitant items, invest in therapy for yourself and your children. Working through a divorce is the best way to cope, and it’s much better money spent.