If you are getting divorced it is inevitable that there will be negotiations about money. The discussions may be to do with dividing the family home, shares and investments, pensions, and other assets. The discussions will nearly always include how to divide the income. It is in your interests, and those of your partner, to do as well as you can in the negotiations. Thus it is clear to see that this can quickly lead to conflict between you – you cannot both do better than the other.
Negotiations are challenging for everyone. Here are some tips for making them easier and the outcome more acceptable to you and your partner:
1. Select a process for working things out which most accords with your values.
2. Find a lawyer who can work with you in that process.
3. Think carefully about how to engage your partner positively in the process.
4. Be honest about the disclosure of your financial position. If you are not honest and do not give “full and frank” disclosure any agreement that you reach in the negotiations is at risk of being reopened at a later date.
5. Be open – answer all reasonable questions asked of you about your financial positions as doing so helps create feelings of trust and tends to show that you have nothing to hide.
6. If you have made a mistake in your disclosure admit it. This way you can avoid your partner and their lawyer being suspicious of you and spending a lot of time and money trying to uncover the mistake.
7. Be co-operative. Usually it is easier and cheaper to accede to a reasonable request, for example for a valuation of a business, than to resist it.
8. Don’t try and rush decisions to get them over with. Decisions made in haste are frequently repented at leisure.
9. Be fair. If you are fair to your partner there is a much greater chance that they will be fair to you.
10. Think beyond the money to the impact on the family as a whole. If you have children be mindful of how they would wish to see their parents resolve things.
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