Many a man has been ruined by divorce, both financially and emotionally. If you want to make sure you don’t become one of them, but you can’t spare the cash to hire a lawyer, you will need some counseling for the emotional part and the following negotiation tips. They should help you get through this and end up in as good position as possible.
Be prepared (just in case)
No one expects their marriage to end in a divorce, but those things happen way too often, so it’s only wise to prepare for them. Think of it as you do about home insurance. Buying one doesn’t mean you want your home to burn down, but you will be protected in case it does.
The kind of protection you need in this case is a separate fund that will help you transition back into a single life without being financially ruined. As says a licensed insolvency trustee Douglas Hoyes, the financial strain of going back to the single life is one of the main causes of bankruptcy in a divorce. That’s because when you share fixed expenses and have two incomes when living together. Having to shoulder that on your own, with possible rent and various additional divorce expenses on top can break a man.
The solution is to have a separate emergency fund that will be able to tide you over until you readjust to living on your own. The size of this fund depends on your needs. However, be sure it covers several months of rent if your state has legal separation requirements.
Use the Web
There’s an app or an online service for everything today. This includes divorces, and according to Sam Jacobs, who managed to accomplish an easy divorce in Texas, these services can save both money and stress in an uncontested divorce. He highlights that they won’t work for contested cases that require complex negotiations and lawyers.
But if you and your spouse want to avoid that, the online service will help you through all the legal steps that can be confusing. You’ll know exactly which worms to file and when, so the only thing left to you will be negotiating the separation terms. But you’ll get some help there as well because with good advice you’ll be able to understand what either of you is legally entitled to.
Get an accountant
According to Scott Trout, who works for Cordell and Cordell, a man can get through a divorce without an attorney, but he shouldn’t attempt it without an accountant. This expert will be able to understand and investigate the family’s finances far more thoroughly than you can do it yourself. Therefore, they will be able to help you determine a fair alimony payment size.
Bear in mind that the majority of states don’t have a set alimony calculator, so hiring an accountant is the best you can do if you want to understand what’s really fair and negotiate from it. Note that you should do this even if you hire a lawyer.
Block your joined accounts and credit cards
Many people go for an amicable divorce even if there is noth9ing “amicable” about their relationship at that point. It’s just cheaper and less messy from the legal point of view.
If you are in this kind of situation, the first thing you do should be blocking all joint accounts and, especially, credit cards. This will help you prevent the problems that occur when one of the spouses decides to rack up some debt or make a runner with the money.
No divorce is easy, but you can make it a bit less stressful and financially debilitating if you go about it the smart way and prepare in advance.