The Wall Street Journal recently published an article with some sound tips on planning for divorce, with the article’s main argument embedded in its headline — “How to Plan for a Divorce: Getting Married Can Be Expensive, but Try Getting Unmarried.” The article begins by noting that September is one of the most common months for couples to initiate divorce proceedings, and then takes on some serious financial food for thought.
The article covers some of the hidden costs of getting divorced that couples should be mindful of as they get ready to end a marriage. Included in the article — on the counsel of Connecticut-based collaborative divorce practitioner Lili Vasileff — is advice on budgeting for post-divorce incomes, making sure that divorce expenses are paid out of the “right” accounts (rather than IRAs, which carry tax penalties if money’s withdrawn prematurely), and the amount of money you should have saved prior to moving forward with a divorce — three months’ worth of expenses and several thousand dollars set aside for legal fees.
Also, the article underscores the point that many make about litigation — that it’s an expensive route to divorce, and there are other options available to divorcing couples, including collaborative law, to help control costs. It’s a sobering read, but well worth it for anyone who is looking to get a divorce that will lead to a better post-divorce life.
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