7 Money Battles To Avoid
The worst is yet to come. The money battles of royal proportions can and will destroy you especially when the fight begins and does not end. Here are the common 7 money battles to avoid:
Try Hiding Money In This Big Hole
1) Divorce – have you ever heard of a walk away amicable, no fight divorce when there are lawyers involved? There will always be some battling regardless. They key is to set it up so that lawyers become a formality only and tell them so – they are your hires, and not your masters!!! Avoid such endless money battles if you can.
2) Business Budget Shortfall – Now, who pays more? The one who did not live up to expections or the one who yells loudest? Get it in writing on who pays what. Hint – make it perfectly fair or both will regret the coming battle for money.
3) Bargaining – No fists allowed! Agree to disagree. Bargaining is supposed to be a game and an art. Keep it that way or a bigger battle will be with the judge.
4) Schedule Repayments – Budget and schedule repayments carefully. Buy now and pay later or for the rest of your life is no fun. This is a battle in itself. If the repayments are too steep, renegotiate – this is better than big battles that cost alot more.
5) Avoid Bankruptcy – In the longer term, and if you really do not owe too much or if you can manage to earn enough to even make residual repayments, it is better than an outright bankruptcy. Many employers will not hire you if you are bankrupt. All banks you owe money to will have records of your bankrutpcy for an amazingly long 15 years or longer! A bad credit record is far preferable. You will have a far shorter pain ‘period’.
6) Go Bankrupt – Get a good advisor/lawyer if you can. This is especially vital if you have assets that are outside the realm of your financial malaise to protect. You will have some obligations in the long run, but at least you stand the chance of not losing it all. Minimize this battle field.
7) Legally “Hide” Your Money – This is often a point of contention but there are legal avenues of doing so perfectly legally. Make very sure to have great and careful advice to avoid any kind of trouble with the authorities. Do it legally. Avoid the battle with your taxman. Keep your money secrets!
Of course, there are many more you can list here. Battles over money come in as many permutations as there are litigation lawyers I wonder how anyone can avoid it all. The best thing you can do is to legally protect your assets in any way you can. Use insurance, prior agreements, in effect putting your money out of reach of creditors. In this way, predators usually will avoid attacking your assets.
Note: Do it all legally and properly.
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