Many spouses considering divorce have concerns about the financial ramifications of the split. Divorce can be costly, and divorce expenses can grow even more if you make financial mistakes along the way. Knowledge is power, and thankfully, when you know what to look out for, you can minimize the amount of money you spend in the process of getting a divorce. 

Not Realizing That Marital Debt Becomes a Shared Responsibility 

Many couples carry the weight of debt together. In many cases, two partners will come to an understanding about who is responsible for what percentage of the marital debt. However, when spouses decide to get a divorce, casual agreements do not always apply in the eyes of the law. 

For instance, imagine that you and your partner verbally agreed that you are responsible for 20% of the debt and your spouse will take care of the 80% remaining. Unfortunately, this type of agreement is not enforceable by the court. If your spouse fails to hold up his or her end of the bargain, creditors may come after you for payment. Paying off debt before the divorce is finalized can help mitigate this financial stressor.  

If you are a military spouse facing divorce, you are probably experiencing a wide range of emotions.

A military divorce is often more complicated than a divorce in the private sector, and each is unique. Prepare yourself by relying on professional support and understanding all you can about the process.

Explore other avenues

Developing a parenting plan that works for you, your soon-to-be-ex and your children is a major undertaking. You want your voice heard when divorce mediation gets underway.

Be methodical. Organize your thoughts in advance, and set them down on paper so that you are well-prepared when the parenting plan discussion begins.

Understanding the process

When it comes to ending your marriage, litigation can be emotionally and financially draining.

If you are facing a high-asset divorce, you may want a process that is effective but more respectful of your time, money and fragile state of mind. Collaborative divorce is an option to consider.

The way it works

If divorce is something that has been on your mind lately, take some time to consider the different ways to accomplish it. You may not realize it, but your separation does not have to play out the way you see divorces do on the screen. With the right amount of planning and some careful consideration of your circumstances and divorce goals, it is possible to achieve a favorable outcome without as much effort or inconvenience.

The separation process is not easy, nor is it a one-size-fits-all deal. Take some time to look over the differences between divorce litigation and mediation.

Litigation