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What costly mistakes should I avoid in my divorce?

Divorce can be messy both emotionally and financially. Listed below are some of the dos and don’ts of divorce. Following these will help you avoid costly financial mistakes.

• DO Choose your battles wisely – Fighting tooth and nail over every single issue that comes up will drain you both emotionally and financially. Pick your battles and concentrate on the ones that are important.

• DON’T forget the future – Be sure to understand and consider the future financial implications of the decisions you make today. A car worth $40,000 today will be worth a fraction of that in a few years, while other assets worth $40,000 today may hold their value, or even increase in value. Be sure to consider this when you are dividing your assets.

• DO Account for taxes –Two different assets with the same face value may be worth totally different amounts after taxes. Take this into consideration during negotiations.

• DON’T forget or fail to separate joint finances – If you neglect to separate joint finances, you could get into trouble if your former spouse incurs debt, becomes disabled, fails to make payments, goes bankrupt or commits fraud. Try to sever the ties before your divorce rather than after it.

• DO Consider everything – Do not overlook important information. Make sure you have all of the important information that may affect your financial future. Keep records on your assets, pensions, investment funds and everything else. Keep them straight and in a safe place.

• DON’T forget to account for the amount of time it will take you to get back on track in your career – If you gave up a career when you got married, consider that it may take some time and hard work to get back into the workforce. The emotional and monetary cost of doing this is often a lot higher than people realize.

• DON’T have unrealistic expectations – Divorce is costly. Unless you are a millionaire (and sometimes even then) you will probably feel the crunch. Plan accordingly.

Considering a Divorce?

Please contact us today for a complimentary consultation with an experienced family law attorney who will diligently defend your best interests at every step of the divorce process.

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