Do it yourself, is all the rage. But is a DIY divorce for you? In Charleston, South Carolina it costs $150 to file with the court. If you are able to agree on all of the terms with your spouse, get a helpful court clerk and understand the paperwork, DIY may be just what your needs require. But do not underestimate the many pieces that need to be sorted out, according to one divorce professional there are actually 181 questions in every divorce that need to be answered. That is 181 opportunities for error. However, it can be done. If the couple has little assets, no children and there are no expectations of alimony, many of the 181 questions may be non-applicable. But add a home, a pension or 401k, children and things become far more complex, even if the couple agrees to a 50/50 split. How do you calculate 50/50 and factor in taxes?
Here are a few considerations for the DIY couple:
- Speak with a mortgage lender to discuss how the divorce may impact credit and the purchase of a new home or refinancing the current home in one party’s name.
- Consider mediation, if there are a few issues yet to be resolved, have a mediator work through the process rather than hiring two attorneys.
- Hire a divorce financial professional to demonstrate the outcomes of the agreement the couple has put together. They can show you the tax implications as well as the current and future cash flow.