Do-it-yourself divorce mistake #3

Chang and Tip Tum had come to America many years ago and had opened a restaurant which become hugely successful. After 24 years of marriage, they wished to divorce. Even though they were now worth millions, their thrifty habits influenced them to do the divorce themselves and not spend money on lawyers. In dividing their assets equally in value, Chang took the stock accounts and the retirement plans and Tip Tum took the real estate. Even though Chang earned ten times what Tip Tum earned, he offered her only 3 years of maintenance while he convinced her that her assets were enough for her to live on.

They drew up their agreement, filed it with the court and their divorce became final. Tip Tum's real estate took a bad turn and soon she didn't have enough to live on. She decided to get some professional advice. She learned that a property settlement is final and cannot be renegotiated. However, there was hope that the maintenance issue could be re-opened.

An interesting sidelight in this case is that it appeared that Chang had not revealed one of his large retirement plans. Because of that omission, it is possible that the property division may be re-opened! This case is still open so I cannot tell you the ending yet. But the important point is that even though you may think you are saving money by doing it yourself, the risks you take by not getting proper advice to start with can cost you much more money in the long run!