Divorce Resort Reveals the Top 5 Financial Matters to Consider When Preparing for Divorce

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Divorce’s toll can affect more than just personal wellbeing. Finances and monetary issues can quickly turn an amicable proceeding sour, which is why Austin, Texas divorce concept Divorce Resort is revealing the top five things to consider when preparing for divorce.

Within the next three months, divorce filings for the year will peak, and individuals seeking divorce will need to plan accordingly. As a low-conflict resolution for divorce, the creator of Divorce Resort wants to pass along the top five financial items to consider when planning for divorce.

1. Consider the level of trust between parties: when served with divorce papers, will one party clean out the bank accounts in a panic and leave the other with nothing for basic expenses? If this is a concern, don't overreact and certainly do not transfer any funds to a third person or hide them, but rather, open an account in one name and transfer enough funds into that account to cover at least 2 months bills. Be careful not to leave the other person destitute.

2. Consider both spouses' total available budget, looking at both income and expenses in one household and what will be necessary in two households. Will one spouse need to transfer some monthly support to the other? Will this be necessary during separation and/or after divorce? Can either afford the house alone or will it need to be sold?

3. If it has been a long marriage and one spouse has been out of the workforce for a while and will need time to gain education and/or work experience, is long-term spousal support appropriate? If so, how much? And for how long?

4. Think about child support; depending on jurisdiction, support is usually based on the payor's income and the children's needs, but there also needs to be consideration for the other parent's ability to support the child, the amount of time the child will spend with each parent, travel expenses for the child to travel between the parents' households, and any other resources that may be available to the child (SSDI, trust funds, scholarship money, etc.)

5. How much will the divorce itself cost? Depending on the issues involved (length of marriage, assets and debts of the parties, minor children, support that may need to be paid, division of retirement assets, etc.) and the level of conflict between the parties, the cost can vary widely and can be very difficult for anyone to predict with any degree of accuracy. Even spouses who start out amicably working together to come up with a workable co-parenting plan and a fair division of their estate, can quickly see their attorneys fees rising by the hour when any one issue becomes a sticking point, or when any third party (a new boyfriend or girlfriend, one spouse’s mother, sister, best friend) sticks their nose in and stirs the pot. As emotions run higher, fees and costs tend to rise with them. Family law attorneys generally bill by the hour and every time one attorney calls the other attorney for any reason, the family budget takes a double hit. The average cost for divorce nationally is $20,000.00, but the cost can be much, much higher. One solution to consider to manage the cost of the divorce process is the mediation/arbitration process through divorce resort, which offers a flat fee solution to the divorce process so the parties can set a firm budget and not worry about how high the cost could continue to grow.

“Finances are much more than the home or vehicle or merger of bank accounts. So many financial areas tie couples together, open lines of credit, beneficiary appointments for insurance policies, outstanding IRS debt, the list goes on. Particularly when there are significant assets involved, couples need to prepare,” says Austin attorney, and creator of the concept of Divorce Resort, Daryl Weinman.

About Divorce Resort:
Divorce Resort is a revolutionary new concept by the law firm Weinman & Associates. Divorce Resort’s fresh approach to resolving major family law issues focuses on providing a stress-free and amicable way to finalize your divorce and move forward with your life. Available to anyone in the U.S., Divorce Resort offers an innovative approach to a difficult and emotional process.
For more information, contact Austin divorce and family law attorney Daryl Weinman at http://www.divorceresort.net

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