A divorce is a highly emotional process because you are ending a relationship that you agreed to preserve, for better or worse. While it might be tempting to use the divorce proceedings to get back at your former spouse, you should not let your emotions get the better of you. Otherwise, you can lose sight of the financial implications.
If you treat your divorce like a business transaction, you could effectively address your differences to negotiate terms that are favorable for all concerned parties. You can devise a sensible and logical plan that prioritizes the future instead of allowing the past to control you.
Approaching your divorce like a business deal
When you think of a business deal, usually, the primary concern is how to maximize profit from your investments or initial capital. In a divorce, your investment is your marriage. After all, you put time, work, effort and resources into your marriage. It was once a partnership. Now that the partnership is coming to an end, you should take steps to protect your best interests. Consider doing the following:
- Gather and classify all your marital and separate property
- Professionally appraise the property to obtain its true value
- Collect and calculate accrued marital debt
- Create a realistic divorce budget
- Identify your goals and what marital assets you want to keep
- Estimate how much you will need for your life after the divorce
By performing the steps above, you put yourself in a better position to negotiate a fair divorce settlement agreement. You can ensure you have financial stability and security after the divorce.
Negotiating the deal outside the courtroom
Many divorce-related disputes will arise during negotiations. The best way to navigate divorce negotiations is by focusing on the facts while remaining objective with the numbers and applicable state laws. If things get too personal between divorcing spouses, it might increase the likelihood of litigation.
Michigan family courts study several factors before awarding court orders and making an equitable distribution. It can only prolong the process and interfere with your goals. If you and your former spouse can negotiate an agreement outside the court, you will have more control over the outcome of your divorce.