Tip #13: Take Stock andDiscuss Your Concerns With Your Attorney

DISCUSS FRANKLY WITH YOUR LAWYER WHAT IT'S ALL GOING TO COST...

Now you've gotten all of your ducks in a row. Whether you need to bring a separation, divorce, or modification action. Whether you want or need a prenuptial agreement. Or whether you just want advice. The relationship of cost to result is important. So you should talk to your lawyer about cost....

You will probably be asked to pay a retainer and to sign a contract before a lawyer will handle your case. This is normal; however, you should discuss and understand these issues before you enter into this relationship. In your first meeting with your lawyer, you should discuss cost.

Understand how the lawyer's fees are computed, the best estimate of the range of fees, and the probable expenses to handle your case. Have a clear, written understanding about how the fees are payable and when. This will save later misunderstandings.

Become informed if a legal secretary, legal assistant, or paralegal be assigned to your case for preparation purposes. If so, don't feel that you are getting "second class" treatment. These people are well trained professionals in their work and their services are billed at rates less than it would cost for your lawyer to do the same thing.

Generally, other experts be necessary in your case. CPA's, business analysts, appraisers, and others often are needed to help your lawyer by determining valuation, taxation, and other issues. Find out the range of these fees, how the fees are charged, and how they are payable. You don't need any more surprises.

THEN SIT BACK AND TAKE STOCK OF THE ENTIRE SITUATION

Now that you have asked the important economic questions and received some of the answers, you must then ask yourself and your lawyer several additional questions before you make final decisions:

Are all of my goals worth the cost?

Is the chance of success sufficient to go after each goal or should some goals be given a lesser priority, negotiated, or forgotten?

Is the time, stress, and cost of a full blown war worth it? Or is there a way in which to fairly resolve the most important issues more quickly?

You must consider "Cost" in terms of both time and money. If I offer to pay you $5 today or promise to pay you $10 two years from today, which would you take? First, you should ask yourself several questions:

Where will the person who made the promise be next year when it's time to keep the promise?

Will the person who made the promise be able to keep the promise next year?

How much will it cost to get that promise?

What security is being put up to assure that the promise will be enforced?

If I take the $5 today, what has it cost me to get it, what could I earn with it by next year if I had it today, and what could that $5 be worth by next year?

Obviously, if it costs $5 to get the $10 promise and the promise is not kept, you are out $5. Deciding whether to accept an offer or not is based on much the same rationale.