Don't Be a Financial Victim of Your Divorce

More often than not women become financial victims in the aftermath of divorce cases. This article offers a different perspective on how women should prepare and protect themselves financially. According to this article, the real issue begins with the mindset of divorce and alimony.

If women are to emerge from divorce in a financial situation that works for them in the long run, many need to begin thinking in a new way. Just thinking straight is difficult when undergoing this emotionally wrenching process. Thinking about money in a new way is especially difficult. Critical to this new mindset is the importance of looking out for yourself – not just regarding the division of marital assets, but also regarding your long-term financial security. 

— Laura Mattia

Lessons We Can Learn from High-Profile Divorces

In the wake of the ongoing Rupert and Wendi Murdoch divorce proceedings, those of us who don’t necessarily have billions at stake may be able to gain some useful insight from the Murdoch divorce.

Insight #1: The Murdoch’s apparently had both a prenuptial and post-nuptial agreement.  Generally, a post-nuptial agreement trumps the prenuptial agreement and makes the division of assets cleaner.

Insight #2:  Dividing assets between spouses is rarely as simple as deciding to split it 50-50 — or even 60-40. A lot depends on what kinds of assets are involved.

Insight #3:  The care of any young children should, of course, be the primary concern of the divorcing parents.  To help with the financial part, many states have set up criteria that put a value on each child.

Insight #4:  For all but the wealthiest people, fees paid to lawyers, accountants, appraisers and other advisers can reduce what the spouse with less is fighting for.  A cooperative divorce or a mediated divorce can often cost 15 percent of the cost of one that dragged on or went to trial.

For info about what we do go to http://www.counselfirst.com/divorce_annulment_ri.php

To read more about tips learned from the Murdoch divorce, click on the following link:

http://www.nytimes.com/2013/08/10/your-money/from-a-divorce-in-the-affluent-class-lessons-for-all.html?pagewanted=all&_r=0