Getting divorced is a stressful process. Although divorce can bail you out of an unhappy marriage, it can also have a huge impact on your personal and financial well being.
9 Secrets You Should Know About Your South Dakota Divorce To Protect Your Assets And Stay On The Winning Side
Secret #1 - Don't Let Emotions Lead Your Financial Decisions
Divorcing people often want to take out their hurt feelings on exes, however it's important not to let emotions interfere with the business at hand. In the long run, being spiteful could harm your own pocketbook. Understand that divorce can be costly - pick your battles carefully.
Secret #2 - Don't Hide Assets
You can try to deceive your spouse by hiding or concealing assets, but don't forget that you're also violating the law. If what you're hiding is discovered, you'll lose your credibility in court. There could also be stiff penalties, including monetary sanctions. To protect yourself and your property during a divorce, it's best to declare all assets upfront.
Secret #3 - Familiarize Yourself With Finances Before You Split
Usually, one person in a household manages the finances. However, this arrangement can create a "power imbalance" when it comes time to negotiate settlements. Seek professional help to guide you in making more informed decisions about finances before filing for divorce.
Secret #4 - Consider Mediating Your Divorce
Divorce can be expensive. One way to cut down on these expenses is to use a mediator. A mediator doesn't work on behalf of any one party, he or she just facilitates agreements. If you want to keep your divorce details behind closed doors while cutting costs, a mediator might be the best bet for both you and your bank account.
Secret #5 - Don't Forget About Beneficiary Designations
Always remember to remove former spouses from your beneficiary designations. If you fail to remove these designations these amounts may end up being paid out to a former spouse. Usually that's not the result you want!
Secret #6 - Compromise Could Help You
You win some, you lose some, right? Unfortunately, divorcing spouses often refrain from compromising out of spite. While you might be tempted to fight every battle, agreeing to compromises could save you a lot of headaches and money on legal fees when going through a divorce. As an added bonus, your decision to compromise could encourage your spouse to do the same.
Secret #7 - Know What You Truly Value
When thinking about divorce, it's important to consider what assets you value most and be prepared to let some things go. A major mistake in divorce is that everyone can get trapped into spending thousands of dollars fighting for something that you don't even want.
Secret #8 - Avoiding Underestimating Living Expenses
Divorcing individuals need to know what their spouses earn monthly, as well as where the money goes. When considering the cost of future living expenses, it's important to take into account the effect of inflation.
Secret #9 - The "Nastiest" Lawyer Isn't Usually The Best Lawyer
Pick your divorce lawyer wisely, as it could save your bottom line. Find one that is experienced and knowledgeable, but is also a good fit for you. Just because an attorney has a reputation of being "nasty" doesn't mean he or she is the right lawyer for you. (For more information about choosing a lawyer for your South Dakota divorce, click here.