Dealing with Divorce 4 Part EBook Series: Your Money (Part 3) by Galbraith Family Law - HTML preview

Chapter 9: Financial Lessons I Learned From My Divorce

With first-hand knowledge from his own divorce in 2003, check out some of the things Brian Galbraith learned from his own personal experience.

1. Keep a separate bank account for support payments and set up an automatic transfer from your main account. It will allow you to easily keep track, and cheques from that account can be cashed at any time.
2. Don’t sweat the little stuff. You can easily replace household contents and smaller things.
3. Buy second-hand stuff. It is a lot less expensive and just as good as new.
4. Don’t hoard the kids’ stuff. Your kids will want to take stuff from home to home. It may be frustrating for you but it makes life easier for the kids.
5. Start investing in a Registered Educational Savings Plan. When your kids go to university, it will make the costs more manageable.
6. Cars are a huge waste of money. Downsize now. You can save on gas, insurance and car payments. Park your ego.
7. Don’t mess around with disclosure of assets and debts. Collect the documentation requested by your lawyer and save yourself money, so your lawyer won’t have to chase you for them.
8. The more you can negotiate on your own, the less you spend on legal fees.
9. Let go of control. Your spouse can spend their money as they determine appropriate.
10. Both people will suffer a decrease in lifestyle. In time, you will recover.
11. The Collaborative Process is better than going to Family Court. It is less expensive, faster and you keep control of the process.
12. Dating can be expensive. It can lead to remarriage and more children.