DIY Divorce
Saving money by “doing-it-yourself” or “DIY” projects are increasingly popular. With YouTube and other websites giving us access to professional coaching videos and training online, our society has become comfortable with doing things ourselves. It’s not so much sometimes about saving money, but more the satisfaction of building or doing something on our own! However, DIY may not always be the best option for divorcing couples.
DIY may be the Only Option for Divorce
In some cases, DIY may be the only option and a necessity. Consider for example couples who are going through divorce and simply don’t have the funds available to get professional assistance. They rely upon DIY divorce documents online and may be faced with navigating complicated legal issues being reduced to fill-in-the-blank forms. It’s necessary, but less than ideal.
Then there are others who pursue DIY divorce documents just as a way of saving money. This is a noble thought but possibly full of issues they have not considered.
A Real DIY Divorce Story
A husband and wife, both intelligent and educated individuals, made sure to get a mediator in their divorce to negotiate their financial settlement (which was a very lopsided settlement, as a CDFA® professional was NOT involved). They did their own parenting plan. They were saving money and were still in the cooperative phase of their divorce, so it seemed to make sense. The financial part was harder to navigate, but doing what was in the best interest of their children would make this easy, right?!
The result was that they ended up with a vague parenting plan; it was incomplete, and just ridiculous. Neither had any knowledge of the legal implications that their document contained.
The Cost to Revise DIY Divorce Documents
Ultimately, the marital settlement agreement had to be reworked with attorneys through the courts costing, guess how much? Thousands! So much for saving money!
So, what can we learn from their mistakes? If you’re contemplating divorce or are in the process of divorce, get the right professionals involved EARLY; they will help you navigate the process. At The Financial Knot®, we work with couples to create a creative plan that is functional and tailored to your needs. Give us a call to learn more. We’re here to help!
The Financial Knot® is another business name for Independent Advisor Alliance, LLC. All financial planning advice is offered through Independent Advisor Alliance, LLC, a registered investment advisor.
