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Considering mediation one of the top financial tips for divorce

Getting through a divorce with one's financial situation still under control is a challenge faced by many British Columbia men and women. For those who are entering divorce proceedings, or see it in their future, an expert has assembled some top tips for staying solvent. Among them is trying mediation instead of litigation.

Indeed, making the choice to pursue a settlement rather than going to court can make a significant difference financially. Mediating a solution may be far less time consuming and require reduced expenditures versus a legal battle. And in preparation for mediation, properly understanding one's current financial situation will help aim a person toward an appropriate settlement.

Part of the journey of financial self-discovery should also include checking one's credit report. Despite their best efforts, many people discover unpleasant surprises in their credit report, including liens of which they were unaware. The recently divorced are also reminded to update their estate planning, such as wills and powers of attorney, to match their new reality; few people would want their ex-spouse as a beneficiary, or to have final say over their health care.

One of the most important tips offered is to be cognizant not only of one's current expenditures, but also to give a thought for the future. For most people, a divorce will necessitate a change in spending and saving habits. The income flow a person once took for granted, and the nest egg one assumed would be waiting, may no longer be what they once were. Making a budget for today and a plan for tomorrow can ease the burden of reduced finances.

A divorce can be a challenging life event, but with proper preparation, it can be the catalyst for a new and improved life. Beginning with mediation may prepare the foundation for building a happier future. With the assistance of a caring British Columbia family law attorney, that future may be closer than it seems.

Source: Mark Avallone, "How To Succeed Financially During And After A Divorce", Mark Avallone, Jan. 27, 2017

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