Divorce can be expensive, and not just in the short run. How assets are divided influences one’s future financial well-being. That’s why it’s important to arrive at a fair and informed agreement, and to avoid a prolonged (read “expensive”) legal battle getting there.
An article from The New York Times “Your Money” section,” Financial Decisions to Make as You Divorce,” provides a list of items to consider before arriving at a settlement with an ex spouse. From therapy to health insurance, many of the items on the list are easily overlooked during what is often an emotionally draining period.
Some of the tax advice may not be relevant if you’re living outside the US but the article is still useful as a checklist to make sure you’ve thought of everything. A lot of people going through a divorce just want to get everything over with as soon as possible. However understandable, this may not be a wise course of action. If you have children, remind yourself that your decisions will affect them. Remember: “act in haste, repent at leisure.”
