Protect Your Personal Finances In A Divorce

Sources around the country say that the divorce rate is down nationwide, though it’s usually higher during economic recessions. One theory as to why: the economy is bad, but people are marrying later and cohabiting more frequently than past generations.

Yesterday, The Wall Street Journal published a guide to getting a divorce with a minimum of financial pain. Their tips:

  • Find the right legal aid.
  • Be cooperative- less legal wrangling means less money paid to your lawyers.
  • Rethin living arrangements – Consider both staying in your shared house, at least until property values recover and you don’t take a loss on selling it.
  • Don’t cash out your investments quite yet.
  • Be flexible with spousal and child support.
  • Be flexible in deciding who claims the children as a deduction on tax returns

Check out the article for more details, resources, and advice.

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Keeping Finances Afloat During a Divorce [Wall Street Journal]

Photo: (saintpo798)