Most Common Financial Mistakes Made During Divorce

 Posted on June 18, 2018 in Finances and Divorce

Divorce is not only a personal decision but also a financial one as well. When a couple has mingled their assets and property through marriage, undoing this entanglement can be quite challenging. There are many things to keep in mind when deciding who will get what during your divorce. Should one of you keep the house or should you sell it? Who will keep which car? Will one of you be required to pay spousal maintenance or child support? Divorce can be costly, both emotionally and financially. During your divorce, make sure to avoid these common financial mistakes.

Letting Pettiness Distract You from Your Goals

Understandably, many divorcing couples struggle to cooperate or even to speak civilly. Marriages that end due to an affair or another breach of trust can be especially hard to end amicably. However, allowing negative emotions to drive your behavior during a divorce can be costly. Some couples end up spending thousands of dollars during divorce litigation arguing over issues that are, in reality, not that important. In order to end your marriage quickly and at minimal cost, you may have to swallow your pride and compromise on some issues.

Not Considering the Future

On the other end of the spectrum, it can be difficult to consider the big picture when getting divorced. You may be so anxious to end your marriage that you agree to terms that will not benefit you in the long run. For example, many people do not want to leave their marital home after a divorce. You may fight to get ownership of your house only to be burdened by expensive mortgage payments or taxes. Some people find that a large home is too much for them to maintain as a single person. Make sure to be reasonable when considering your future capabilities during divorce.

Attempting to Divorce Without Help

Divorce is a complicated legal process which is only made more complicated by considerations such as children, shared property, retirement accounts and investments, family-owned businesses, and large differences in income or assets. If you have any of these or other complications, you should not attempt to end your marriage without help. Some couples find that using mediation or pursuing a collaborative divorce can provide them with the guidance they need without incurring the expense of divorce litigation.

Divorce Attorneys Serving DuPage County

At Andrew Cores Family Law Group, our experienced Wheaton divorce lawyers provide the legal guidance divorcing couples need to resolve their issues efficiently and without unnecessary costs. Schedule your free initial consultation with our dedicated team by calling 630-871-1002 today.

Sources:

https://www.usatoday.com/story/money/personalfinance/2015/03/07/adviceiq-divorce-finances/24536371/

https://www.huffingtonpost.com/the-stir/7-top-divorce-fails-by-wo_b_5804596.html