How to get your fair share after a divorce?
Have you seen the Hollywood celebrities fighting over assets after a divorce? Well, that generates a lot of media attention but in reality, fight over sharing of assets is a way of life in most divorces. Having a prenuptial agreement would have solved the problem but most of us do not think it is romantic to suggest that we will ever get a divorce. Let’s be real here. No matter how deeply and madly you are in love, chances are very high that it will end in a divorce. One of every two marriages does end that way, often after a very ugly turn of events.
So what can you do to minimize pain and misery after a divorce? Certified financial planner Kathleen Miller and author of “Fair Share Divorce For Women,” has a few tips:
- Understand that divorce is a team sport. The average woman going through a divorce may not need a huge team, but she definitely should have a financial adviser, therapist, and career coach on her team in addition to an attorney.
- Learn to manage the grapevine. If your friends are dishing the latest gossip about celebrity breakups, know that they are likely talking about you as well. Details such as spending habits, new relationships, and hidden bank accounts will all be part of the neighborhood scuttlebutt if you allow it. In a few cases, it is a wise negotiating strategy to be very public about your divorce, but understand the pitfalls as well.
- Reclaim your own sense of identity. Heather Mills had a very public breakup from Paul McCartney and faced extreme media backlash. However, her appearance on “Dancing with the Stars” showcased a different, friendlier persona. Women who go back to work and make a positive change in their lives following their divorce are laying a foundation for financial security and success.
- If you earn more than your husband, you should be prepared to pay, just as Jessica Simpson had to pay Nick Lachey or Britney Spears had to pay Kevin Federline. Career assets have value in a divorce. Increasingly, the courts recognize that couples who build up wealth and increase their lifestyle do so jointly over their married lives, even if only one was the main financial contributor.
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