Fox Business: Avoid Financial Mistakes When Splitting Up

Naz Barouti, Fox Business

 Couples in the process of divorce tend to narrow their focus on the finish line to put an end to the pain, cost and burden that comes along with legally ending a marriage, but experts warn moving too fast too soon can lead to financial troubles down the road.

“Don’t be penny-wise and pound foolish,” says family law attorney Randall Kessler of Kessler and Solomiany Family Law. “You don’t want to regret how fast you got out of the marriage.”

A hasty end to marriage may leave one or both parties wishing they were more cautious during the settlement process, he says, and taking the time and spending the money throught the proceedings may save more in the end. spoke to three divorce attorneys from across the country to get their top financial lessons from watching couples, and their cash, split up day in and out.

Nazanin Barouti, Barouti Law Corp., Southern California

Review your prenup.  Before you are married, and even after you are married, Barouti suggests creating spousal agreements. “Specifically write down what will and won’t be shared,” she says. “When you first get married, you may not have had wealth, but you may acquire it afterwards.”

This will ensure things don’t get split down the middle if divorce is in your future... READ MORE