Cupid's Pulse Article: Tiki Barber’s Divorce SettlementCupid's Pulse Article: Tiki Barber’s Divorce Settlement

After 11 years of marriage, former football great and NBC Today show commentator, Tiki Barber, is finding himself in the middle of a “giant” divorce settlement, reports the New York Post.   Several months ago, the father of four left his college sweetheart, Ginny Barber, who was pregnant with twins at the time, for a 23-year-old NBC intern.  Now, the Post says he is trying to “low-ball” his wife by claiming he’s broke and unable to pay the settlement since being let go from his NBC gig.

If you and your ex can’t come to terms in an amicable way, how should you negotiate the best possible divorce agreement?

Cupid’s Advice:

Ending a marriage is unfortunate under any circumstances.  Being prepared and obtaining counsel will help you through the process.  Here’s Cupid’s advice:

1. Know your legal rights: Consult with a lawyer to help evaluate any assets in question.  This can include how social security benefits factor in, or your rights to a portion of a 401(k), pension, an IRA account, and even life insurance.  Other key items you’ll want to consider are a business, cars, home, securities such as stocks and bonds, collectibles, and everyday household items such as pots, pans and dishes.  Take inventory!

2. Become financially savvy: Many couples go through marriage with only one person handling the household finances.  When putting together a divorce settlement, it’s critical that you are aware of money issues and the kind of numbers you are dealing with.  It’s also important to establish credit under your own name if you haven’t done so already.  This will help develop your own creditworthiness when trying to get your piece of the pie.

3. Children are priority: When children are involved, you’ll want to work out the best possible settlement for them.  Divorce is hard enough.  It’s important they continue to live the same lifestyle.  Key factors to keep in mind include health insurance, college tuition, the family home, and general expenses.