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Asset Protection: Protecting your money in a divorce

Posted December 27, 2007

“Divorce takes financial problems and makes them worse. In marriage every burden is shared. In divorce every burden is doubled. And not just emotionally, but financially too.” — Merryn Somerset Webb, MoneyWeek.

Blogger’s note: This article is a bit offbeat for us, but as MoneyWeek editor Merryn Somerset Webb reminds us all, “more divorces are filed in early January than at any other time of the year.” And if anything can affect your assets its a nasty, drawn-out and messy divorce. So here’s some valuable advice, both emotionally and fiscally, from our friends on the other side of the Pond at MoneyWeek. You can access the whole article here or read on for more.

by Merryn Somerset Webb

Baltimore and London — (TFN): Divorce season is nearly upon us.

A few weeks now and we’ll all be cooped up at home with our families for a good week.

Lots of us will love every minute of domestic chaos. A large minority will start to think fondly of the peaceful times we spend in the office by December 27th.

But some of us will hit the New Year pretty certain that we don’t ever want to have to spend another Christmas with exactly the same lot of family ever again: more divorces are filed in early January than at any other time of the year.

This makes sense. These days we all work hard (often far too hard) so we don’t see enough of each other to keep our relationships working as they should: instead of talking problems out we can get away with ignoring them. Until Christmas. Then they surface with a vengence.

Worse, Christmas is expensive. Couples row more about money than about anything else so when the pricey presents start piling up it shouldn’t be much of a surprise that so do the rows about the bills.

The problem of course is that divorce takes financial problems and makes them worse. In marriage every burden is shared. In divorce every burden is doubled. And not just emotionally, but financially too.

One house becomes two houses, one phone bill, two phone bills and one set of insurances two sets of insurances. Suddenly there are two lifestyles to deal with. A total income that is sufficient to run one household rarely allows two households to survive in a similar style: when a marriage breaks down everyone usually has to suffer… Read on here to find out how to choose a good divorce lawyer and what to expect in a divorce settlement.

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