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A collaborative approach to divorce may be better for finances

El Paso couples who are ending their marriages might want to consider a more collaborative approach to the process. Increasingly, couples are finding that working together may leave them more financially secure afterwards. With divorces often costing a lot of money, trying to minimize the expense may be worthwhile.

Once couples have made a choice to try to negotiate a settlement agreement instead of turning to litigation, each person should assemble a team. This may consist of family members, an attorney, a financial planner and anyone else a person believes will be helpful and supportive.

Although dragging a divorce out can be costly and emotionally grueling, rushing into an agreement can have the same effect. People should take the time they need to understand the options in a settlement and to make the right choices. People should also remember that they need to pay attention to more than just major assets. For example, they will need to work out what to do about various types of insurance.

Even if couples have been experiencing a lot of conflict in their marriage, they may still successfully negotiate a divorce agreement. Another advantage of negotiation over litigation is that if they have children, it could lead to a more harmonious co-parenting relationship. Parents may need to cooperate on custody and visitation arrangements for years after the divorce is final, and if they have already fought a costly and contentious court battle, this may not set the stage for that. Custody and visitation are also elements that parents may have the option to negotiate instead of going to court. Mediation might also give them more control over the outcome than they would have if a judge decided.

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