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Financially Preparing for a Divorce

Financially preparing for a divorce

the idea’s the busiest time of the year for divorce lawyers. Family law attorney Kelly Chang talks with Tess Vigeland about why so many people seek to end a marriage at This kind of time, the average cost of divorce as well as also what she thinks about pre-nups.

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TEXT OF INTERVIEW

TESS VIGELAND: We’ve gone a couple of weeks right now without hearing about the idea being the “most wonderful time of the year.” So let’s get right to the not-so-wonderful part of the year. January is actually considered the busy season for divorce attorneys. as well as also as the economy returns — somewhat — to normal, the American Academy of Matrimonial Lawyers reports an uptick in clients wanting to end their marriages.

Los Angeles family law attorney Kelly Chang is actually here to talk money, marriage, as well as also the dissolution thereof. Welcome.

KELLY CHANG: Thank you. the idea’s Great to be here.

VIGELAND: What is actually the idea about This kind of time of year of which encourages people to take of which first step toward ending a marriage. Were they just hoping to get through the holidays?

CHANG: Yes. There’s a lot of of which. as well as also the idea’s also the same reason you see long lines at the gym. the idea’s fresh Year’s resolution to be single.

VIGELAND: So much of This kind of is actually circumstantial based on the individual lifestyle, although what does the average divorce cost?

CHANG: Well, the idea actually depends. If you hire a divorce lawyer, they’re going to bill you by the hour. You can do the idea on your own for relatively cheap. So the idea actually depends. the idea’s kind of like a roof — you can do the idea for cheap or you can hire a professional contractor to do the idea for a lot more.

VIGELAND: Let’s talk a little bit about how people can prepare themselves due to This kind of happening. What should each party start doing with their finances?

CHANG: Generally, I see in a couple, in a relationship, somebody assumes the total responsibility, leaving the various other person inside the dark. So if you’re the person inside the dark, I might get out of the dark. Find the latest statements — they’re mailed the house or you could call the bank. What matters, if you don’t have a pre-nup, is actually what is actually acquired during the marriage as well as also of which includes credit card debt.

VIGELAND: What do you find in terms of the cost for trying to get a settlement between yourselves versus going to court?

CHANG: Much better.

VIGELAND: Court has to be more expensive.

CHANG: Everything costs money, so if the idea takes up too much time, the idea’s costing too much money. So if you can reach a settlement agreement, do the idea on your own. the idea saves money.

VIGELAND: What do you find in terms of couples being able to do of which. is actually there a ratio of amicable to not amicable divorces?

CHANG: the idea’s interesting. I think inside the past few years, I have seen a rise in more amicable behavior inside the divorces as well as also the idea’s probably because people can’t afford to fight.

VIGELAND: Ah, because of the economy?

CHANG: Correct.

VIGELAND: Because I have a divorce attorney inside the studio with me, I do have to ask about your thoughts on pre-nups. Based on your experience with couples going through a divorce, does the idea help? Does the idea make things easier or worse?

CHANG: I think the idea makes things much easier. Get a pre-nup. Marriage is actually grand. Divorce is actually twenty grand. Get a pre-nup. Get a pre-nup. I don’t care if you don’t have anything. You have to come in. If you have a 401(k), half of of which could be belonging to your spouse, whatever is actually accumulated during the marriage. You have to protect yourself.

VIGELAND: Kelly Chang is actually a family law attorney here in Los Angeles, as well as also we’ve been talking about January as a big month for, unfortunately, divorces. Thanks for coming in.

CHANG: Thank you, Tess.
Financially Preparing for a Divorce

Kelly Chang On Npr.jpg
Kelly Chang On Npr.jpg

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