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Staying out of court can help finances after a divorce

Ending a marriage can be an emotional prospect for Oregon couples. Contrary to popular belief, though, emotions should not be running the show. Foresight matters when it comes to many different matters in life, including divorce. Giving careful consideration to the future and the actual divorce process can help both parties come away with a secure financial standing.

One of the approaches to keep costs low and secure future financial success is the collaborative divorce. In this process, both parties are usually accompanied by their respective counsels as they work together to negotiate the terms of the settlement. Asset division, alimony and even decisions about how to file taxes can all be addressed, allowing the couple to come to an agreement outside of court. Collaborative divorces also tend to move quicker than divorces that end up in court.

Mediation is a similar approach, although a third party neutral mediator is added to the process. Like collaborative divorces, most of the most common issues that arise during divorce can be addressed and taken care of in this manner. These approaches also share the benefit of increased privacy, lowered costs and much shorter proceedings.

Dividing a marital estate can be a stressful ordeal, but this does not mean that worried couples in Oregon should head straight for the courtroom. Litigating a divorce in front of a judge can be a timely and costly process. While reaching a mutually agreeable divorce settlement through different approaches is not appropriate for everyone, Oregon couples who can accomplish this can typically achieve more secure financial standings for their futures.

Source: Forbes, "Avoid The Financial Pitfalls Of Divorce", Michael F. Kay, April 12, 2016

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