Money and who owns what and who owes what is the centre of all divorce proceedings, so let me share 5 things you must know !
All along your divorce you will be negotiating. Be prepared! Where are you at and what does the other side want? What are you prepared to give, take or trade? You need to plan how to go about it. Pre-planning is the key. Download my Negotiating Cheat sheet HERE.
Cash is king! What are your sources of income? Your income effects what you will or won’t receive from your Ex – especially when it comes to kids. If you need more money to fight for what yours ( like keeping you house) then where can you get more money? Consider a side hustle. Set some goals. Be across your finances and keep track of it all. This FINANCE WORKSHEET will help.
VALUE OF YOUR HOME
If you want to save your house and continue to live in it (and unfortunately the statistics say women in particular struggle to do this) then you need to get the value of your home as low as possible. Have it valued at a low point in the market. List all the things wrong with the house and land. Consider how much you invested in the the home and consider your argument on why you need to keep your house according to future needs – this may relate to kids or ageing parents. Can you afford to buy your Ex out? You need to look at the calculations and work out the best case for settlement.
You need to show that you can support a child. Anti-avoidance strategies are rife when it comes to divorcing parents. Child support is based on income and also the time you spend with kids. Adjust this as much as you can to push your case in your favour. Beware of what the other side is claiming and have counter-arguments ready!
I insist on a Divorce Game Plan for all my clients! It’s a road map through your divorce. It gives clarity and end results. How do you get to where you want to be? Who can help you along the way? How much will it cost? Things can get foggy during divorce. It gets emotional. A game plan keeps you focussed and across your finances. You want to get through your divorce quickly and get what you want. A game plan helps. Grab my FREE EBOOK to learn more and start your planning today!
I discuss all of the above in the below video.
Need help with a Divorce Game Plan or managing your finances? Book in a FREE CONSULT with me today.