When couples are faced with divorce, the emotional stress and just wanting to get it over with many times leads to financial blunders by one or both parties involved. It is best to take it as slow as possible to avoid the following.
Don't expect to become wealthy from your divorce or to be taken care of financially. This usually only happens for those that are both wealthy independently from each other, like movie stars. More than likely you are going to split the little there is to split and that's it.
One sure way of racking up attorney's fees is not being in direct communication with all parties involved. If you do not want to talk to you soon to be ex, you will pay for those extra legal fees when your lawyer takes the time to speak for you.
Divorce is painful emotionally and many want the other side to pay. However, if you cannot focus on your finances and play the revenge game in court, this too will cost you dearly. Continuous fighting and dragging out the process will only hurt your pockets due to court and lawyer costs.
Get out of the moment. Look down the road at your financial future and what is best for you. Sure the new car sounds like a great choice now, but in a few months it will no longer be new and will not hold the same value. Look to investment accounts or something else that will actually increase in value over time.
Taxes. this is one area most will overlook. They are too engrossed in the act and emotions of the divorce that this financial burden is looming. Be sure you always keep this in mind when negotiating you settlement.
Accidental omission of financial information can lead to big problems. This could affect the outcome of the settlement. In some cases the other side may accuse you of doing this intentionally and will reflect poorly on you in court.
The mistake of co-debt accounts. Many simply forget they have loans or investments in their name and in their ex's name. If they decide not to pay or the investment is bad, you will be liable to cover what is owed. To avoid this, be sure you end all joint financial ventures well before the divorce is over.
For women: Keep in mind that you are going to have to get back in the workforce if you stepped away from it. The average people getting divorced are not wealthy and there is not a lot to divide that will support you and/or your children. Prepare yourself by looking into refresher classes and/or childcare options.
Divorces are emotionally taxing for everyone involved. This can only be compounded by unfortunate financial mistakes that could have been avoided. Always keep the line of communication open, especially with your attorney. Don't be afraid to ask questions and put forward your wants and needs. However, keeping a clear mind and focusing less on the emotional aspect of the divorce will help to avoid these detrimental financial errors.
Don't expect to become wealthy from your divorce or to be taken care of financially. This usually only happens for those that are both wealthy independently from each other, like movie stars. More than likely you are going to split the little there is to split and that's it.
One sure way of racking up attorney's fees is not being in direct communication with all parties involved. If you do not want to talk to you soon to be ex, you will pay for those extra legal fees when your lawyer takes the time to speak for you.
Divorce is painful emotionally and many want the other side to pay. However, if you cannot focus on your finances and play the revenge game in court, this too will cost you dearly. Continuous fighting and dragging out the process will only hurt your pockets due to court and lawyer costs.
Get out of the moment. Look down the road at your financial future and what is best for you. Sure the new car sounds like a great choice now, but in a few months it will no longer be new and will not hold the same value. Look to investment accounts or something else that will actually increase in value over time.
Taxes. this is one area most will overlook. They are too engrossed in the act and emotions of the divorce that this financial burden is looming. Be sure you always keep this in mind when negotiating you settlement.
Accidental omission of financial information can lead to big problems. This could affect the outcome of the settlement. In some cases the other side may accuse you of doing this intentionally and will reflect poorly on you in court.
The mistake of co-debt accounts. Many simply forget they have loans or investments in their name and in their ex's name. If they decide not to pay or the investment is bad, you will be liable to cover what is owed. To avoid this, be sure you end all joint financial ventures well before the divorce is over.
For women: Keep in mind that you are going to have to get back in the workforce if you stepped away from it. The average people getting divorced are not wealthy and there is not a lot to divide that will support you and/or your children. Prepare yourself by looking into refresher classes and/or childcare options.
Divorces are emotionally taxing for everyone involved. This can only be compounded by unfortunate financial mistakes that could have been avoided. Always keep the line of communication open, especially with your attorney. Don't be afraid to ask questions and put forward your wants and needs. However, keeping a clear mind and focusing less on the emotional aspect of the divorce will help to avoid these detrimental financial errors.
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