6 reasons why a fast divorce is a good divorce

We can all appreciate how hard divorcing is. It’s a time of uncertainty. It can be daunting creating a new future on your own. It’s scary and the future is unknown. There is a common saying “a fast divorce is a good divorce.” There are 7 good reasons why this is a commonly shared phrase.

“If you are delaying settlement because you are waiting for an asset to appreciate or an inheritance to come through for your ex-spouse, you might be disappointed. Not only might you be wrong, the asset may depreciate, new debts may be introduced to the balance sheet and the inheritance may not come through. Further, there are many other ways that you or your ex-spouse may try to avoid parting and splitting the assets,” said Rachael Scharrer,Separation Straegist and Divorce Expert.

Too often, divorces that take an excessive amount of time are driven by greed, lack of direction, poor understanding and lack of insight. The moral of this ‘story’ is that it is better to have a fast divorce. Rachael Scharrer shares some reasons why:

  1. A truer financial snapshot. The settlements done closer to separation or break-up is a true reflection of the assets of the relationship
  2. Less time for game-playing. The faster divorces limit the amount of time that you are subjected to financial manipulations and cunning tactics that some people use in divorce
  3. Less money spent on legal fees. Some people believe that their professional fees are wasted money or that divorce only lines the pockets of lawyers. While lawyers certainly have a place in divorce like offering professional, personalised advice (which can earn you a greater portion of the asset pool), many divorcees feel that they are gambling the settlement with legal debts
  4. Less likely money ‘goes missing’ or is unnecessarily spent. The settlement is based on the balance sheet at the time of reaching an agreement. This agreement may not be for several years and, in this scenario, sometimes assets disappear or vanish. Sometimes you can have it ‘added back’ but often once the money has gone, it can’t be claimed. Ensure that you protect joint funds by implementing dual signatories on relevant accounts. Consult your lawyer regarding ways to protect other assets that you may want to claim
  5. Stress is limited to a shorter amount of time rather than for years. Separation is a roller-coaster of emotions. At times, the stress can be almost debilitating. Limiting your exposure to divorce-related stress is overall better for your nervous-system, for your wellbeing and for your relationship with your loved ones
  6. More likely to be amicable and civil rather than with contempt, disgust or anger. The shorter the amount of time for games to be played, money to go missing and having to discuss joint financial concerns, the better your relationship is likely to be in the future. You may have children together or you may socialise with the same people or at similar events which means that you have an ongoing relationship with your ex-spouse. Being able to separate amicably and respectfully is more likely in shorter divorces than protracted ones

As always, the money saved on legal fees and a protracted divorce means that more of the funds/assets are split between you and your ex- rather than absorbed by lawyers, holidays and unnecessary expenses.

I often remind my clients to balance the costs of gaining an additional 5% or 10% of the asset pool against the cost in legal fees and the cost to your wellbeing towards achieving the extra money. It is worthy of always reviewing the figures yourself, under the guidance of your lawyer, and making settlement decisions without being emotionally driven.

The faster that you can achieve your settlement, the faster you can return to independence, building your financial freedom and being perfectly autonomous.

To ensure that your divorce is going in the right direction or for help getting prepared, arrange your Strategy Session today. If you would like to book a 3-session Pack, contact Divorce Answered via the Contact Us page and request a 3-pack Strategy Session. Too often, clients remark “I wish I had a Session earlier” and “My sessions were incredibly informative and helpful” – you too can benefit from having a 45-minute Strategy Session and feel more confident and knowledgeable with support, direction and guidance.

Disclaimer

This is general advice only and is not provided as legal advice. If you have a legal issue, you should contact a lawyer and/or accountant before making a decision about what to do or applying to the Court. DivorceAnswered.com.au cannot provide legal advice. If you have an emergency situation, please contact Emergency '000'. © Divorce Pty Ltd