How do you protect your bank account balance in a divorce?

Arriving at the decision to file for divorce can be the toughest part of the process for many people throughout the country. The decision itself can be such a major turning point in life that oftentimes a great deal of thought and second-guessing occurs. There can be many factors at play: children and the impact the divorce will have on them; wondering whether or not there are any options left to salvage the marriage; and, ultimately, the deciding point for some people is where their bank account balance will stand afterward.

Property division can be a tough issue, especially because the couple’s combined worth will be sharply divided, forcing each to most likely live with less than what they had as a married couple. But are there ways to make this part of the divorce less stress-inducing? According to a recent article, a few considerations can make the division of property much more agreeable for each party’s bottom line.

The article suggests that couples consider mediation instead of the traditional courtroom fights. Mediation and collaborative divorce are becoming very popular options for many couples because it is a more amicable process whereby the couple and often one neutral party will sit down together and try to have a rational discussion about where certain assets should go. If an agreement can be reached, it will likely have saved the couple a great deal of money that would have been spent on litigation.

Another suggestion is to come to terms emotionally about some of the assets that are up for division. A person going through a divorce will probably need to realize that they may not be able to keep everything that has some sentimental value to them. Taking emotion out of an incredibly emotional experience may seem impossible, but looking at things from the right perspective can help a great deal.

Source: La Jolla Light, “Don’t Break the Bank… or Each Other: 3 Ways to Divorce Cheaply and Peacefully,” Nancy Fagan, May 30, 2013