• 24
  • August
    2010

The next few posts will discuss several steps that separating Colorado couples can take to minimize their exposure to potential divorce-related issues. By acting both carefully and proactively, former spouses can avoid major financial pitfalls and help ensure that the proper asset protection mechanisms are in place.

1.  Don't let your emotions get the best of you

It is entirely natural to experience a multitude of emotions during your divorce. For example, you may feel angry and betrayed one day, and sad and regretful the next.

While your emotions are certainly valid, it is absolutely imperative that they don't get the best of you and prevent you from making reasonable financial or legal decisions.

According to Violet P. Woodhouse, an attorney and Certified Financial Planner, "The financial decisions we make in divorce that are emotionally based are absolutely the worst decisions that we'll ever make."

Accordingly, it is best to give yourself time to settle down before making any major financial decisions or taking any asset protection measures.

2. If possible, consider resolving your issues outside of the courtroom

If you and your former spouse are able to interact with one another in a calm and reasonable manner, it may behoove you to try resolving your issues with the help of a mediator. 

A divorce mediator is neutral third party mediator who works to facilitate both conversation and compromise among former spouses. Frequently, important issues such as spousal support, property division, child support and child custody, can be resolved peacefully and to the mutual satisfaction of both parties.

Outside of maintaining peaceful relations with your former spouse and sparing you from a prolonged courtroom battle, divorce mediation also preserves much-needed assets.

3. Take the Time to Learn More About Your Assets and Debts

Be sure you fully educate yourself about your financial situation, including your income and your debts. Gather the necessary documentation and speak with all relevant parties, including lenders, accountants, attorneys, insurance agents, etc. 

Stay tuned for more in the next post from our Denver divorce blog ...

Related Resources:
  
• 10 Ways to Avoid Divorce Disaster (Bankrate.com)