Emotions are often running high after a couple decides to end a marriage. Anger, resentment and grief can quickly take control of the divorce process if the parties let them. Instead, Utah residents should take a step back and make an agreement to work together to help ensure that they each have the chance to start their new lives in the best financial position possible.
The first and potentially most challenging part of the process is to determine what it will take to live after the divorce. Everyone has a vision of how they want their new lives to be. However, in reality, budget cuts might be needed in order to sustain two households on the same resources that used to support one during the marriage.
Once the parties haven taken inventory of the marital assets and liabilities, the parties need to think about what it is they want out of the divorce and what is important to each of them. More than likely, the parties are going to have to compromise in order to achieve most of what they want. Rarely does each party walk away with everything he or she desired, but it is possible to get close enough to help secure the vision of the future each of them has.
It is nearly impossible for Utah residents to avoid any financial impact after a divorce. However, steps can be taken to help reduce that impact. Keeping a clear head, taking a realistic look at what is needed to move forward and working together to make it happen is the best way that the parties, with professional help, can end this chapter in their lives.
Source: financial-planning.com, “How I advise clients on divorce after my own”, Lise Robinson, Sept. 30, 2016