Divorce isn’t just a legal process. It’s also a financial process.
You could end up splitting retirement accounts, savings accounts, checking accounts, businesses, and (of course) paying legal fees.
Courts have a fee associated with filing a divorce. The price it costs depends (usually) on whether minor children are involved. Most people seek out the services of an attorney. As you’ve learned, divorce can quickly become complicated and all consuming. A lawyer is supposed to look out for your best interest. You must pay their hourly or flat rate fee. Many attorneys want a retainer up front.
Often divorce causes the financial demise of people…although the attorneys seem to always make out no matter what the consequences to the couples. Many people file bankruptcy when a marriage comes to an end because they no longer have the ability to pay all of their bills.
Since divorce attorneys are supposed to look out for the best interests of their client, shouldn’t they also look toward good fiduciary behaviors when it comes to the money of their client? Because if their clients are totally broke, the attorney may not get paid in the future if the matter ends up being a long-term issue…but more importantly, the children suffer the worse.
Prime Example Of Financial Hardship In A Divorce
According to the public case file in the Passaman case (FST FA 11-4021040-S), Broder & Orland represented Gerrit Paasman as a defendant in a divorce proceeding filed by his former wife Carol Paasman. Mrs. Paasman was awarded $25,000 a month for support before the case ended. She was granted sole custody of the minor children.
