Welcome to the forty-sixth episode of Divorce and Your Money Show. Your host, Shawn Leamon, MBA and a Certified Divorce Financial Analyst, discusses five easy ways to save money during divorce.
Divorce can be expensive, but you can save money in five easy ways:
- Get organized in advance.
- Pick the right divorce process.
- Hire a Certified Divorce Financial Analyst early in the process.
- Use a therapist, not your attorney as a therapist.
- Focus on the big picture.
Getting organized in advance is particularly beneficial and will help you to avoid feeling pressured and also save money. You can do this before even talking to your attorney, and a checklist of what you need to do can be found in the first chapter of Divorce and Your Money: The No-Nonsense Guide. Gathering personal information, tax returns, employment returns, list of assets, prenups and postnups, and any debt you might have will save you both time and money.
Choosing the right divorce process may also save you a lot of money. The different types of divorce have been discussed previously on the show and include litigation, mediation, arbitration, collaboration, and DIY. Choosing the right method could save you thousands of dollars.
Hiring a Certified Divorce Financial Analyst early in the process can also help you reduce expenses. These individuals, such as your host Shawn Leamon, are experienced professionals and have a background as a CPA or a financial advisor before going through rigorous training specific to the issues in divorce. Just by knowing what assets you should keep, what they are worth, knowing your budget and financial picture, evaluating the divorce settlement proposals, and understanding the tax implications of your divorce can help you save money and make better financial decisions in the future.
You should not use your attorney as a therapist. An attorney is focused on legal matters and helping you get the best possible settlement. Therapists are trained to help you with the emotional trauma of your divorce.
You should also consider the bigger picture. Just like the saying “You can’t see the forest for the trees,” you can lose sense of the overall picture if you are focused on the smaller details. Not losing sight of the future and things that will matter in the long run can save you a lot of money.
Thank you for listening to the Divorce and Your Money Show. We hope the show helps you through one of the most difficult periods of your life. Shawn Leamon is also author of Divorce and Your Money: The No-Nonsense Guide. One-on-one divorce coaching services are available at www.divorceandyourmoney.com.
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