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5 Tips To Negotiating A Financial Settlement

 financial settlementSometimes in life things might not go according to plan and you will be left with a need to negotiate a financial settlement. There are three common types of financial settlements and they are a divorce settlement, a debt settlement and a structured settlement.

Here are five simple tips to help you negotiate a good deal in all of these three instances.
 
1. Set Yourself A Goal

When you are starting your negotiations it is really important that you establish your situation and personal goals first.

This means that you need to make sure for yourself what it is that you want to take away from this settlement and what are the results that will be acceptable for you.

Keep in mind that a settlement is always an agreement between two parties and thus it is really important you know that you will most likely need to compromise in certain things.

This is why it is a good idea to set limits that you can’t exceed. For instance, when making a debt settlement think about your financial situation and how much could you really pay if you had to.
 
2. Timing And Place Is Important

It is also really important you think about the timing and place for where and when the negotiation is going to take place. For instance, especially in cases of divorce settlements there will be a lot of emotions involved and thus it is necessary that you find a place and time when the emotions aren’t at their highest.

Whenever you are negotiating a financial settlement you need to ensure that you are well prepared and rested during the negotiation to keep you from making hasty decisions. Take your time and carefully consider your options.
 
3. Prepare Well

The key to a successful negotiation lies in the preparation. You need to make a lot of preparations beforehand and weigh in different options and outcomes beforehand. By looking at the situation carefully you can keep yourself from receiving any sudden surprises and can remain cool and composed during the negotiation.

Marilyn Stowe writes in her blog that this early groundwork for a financial settlement is essential in guaranteeing the outcome will be beneficial to all parties involved.

4. Get It In Writing

You also have to make sure any agreement you make is always done in writing. This is to guarantee it is legally valid and that you can base future agreements on it. For instance, if you are getting a structured settlement you might want to sell it in the future.

Without a legal document no marketplace for selling structured settlements will accept your offer and you might even get into trouble later on. Even when you decide to sell you need to receive a written document to guarantee you don’t face legal action.
 
5. Discuss With A Professional

The best way to guarantee you are making the most out of your financial settlement is to contact a professional to help you out with the process. They will be more equipped to dealing with the situation without being emotionally attached and can make sure your best interests are achieved.

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