3 Financial Mistakes to Avoid During a Divorce
The divorce attorneys at Rodier Family Law explain the three worst financial mistakes a person could make when divorcing his or her spouse.
When couples begin the divorce process, the first financial concern they typically address is determining whether or not to spend money on legal counsel. However, there is more to the financial aspect of divorce than just cost savings. Family finances play a huge role in determining the outcomes of each individual once the divorce is finalized.
Once the process is in full swing, people’s emotions often take over, and they either fail to give future financial well-being the attention it requires or they fail to consider it altogether. When this happens people are more susceptible to making mistakes that could be detrimental to their lifestyle many years following the divorce. When divorcing your spouse, consider these financial mistakes that you don’t want to make.
- You don’t understand the household finances. Majority of the time, dividing a divorcing couple’s assets is a simple task, yet there are cases in which it’s easier said than done. Determining the payment amount for child support is done by formula, making outcomes more concrete. However, when one spouse doesn’t comprehend the intricacy or operation of the household finances, he or she may not know the basis for the allowances he or she may have to make. When you don’t know the reasoning, you could end up paying your ex-spouse an exorbitant amount in alimony, or you could be in for a rude awakening if you expected to receive recurring financial support.
- You agree to terms or expect things that aren’t disclosed in the divorce decree. In an effort to avoid conflict, many people find themselves in situations where they agree to certain conditions or actions for their divorce because their spouse verbally agreed to do something in return. For whatever reason, more times than not, whatever you were promised isn’t going to happen because it wasn’t spelled out in the divorce decree. These types of situations occur most frequently when your spouse asks you to give up something or take on more in exchange for financial support. The bottom line is simple. Everything related to your divorce needs to be in writing to avoid any confusion about “he said, she said” issues because if it’s not in writing, it’s nearly impossible to dispute. With emotions running high in a divorce, you can’t rely on your spouse acting rationally.
- You don’t have a good legal team. Going through a divorce with an inexperienced divorce lawyer or without legal representation at all can be a costly mistake in both emotional and financial terms. Doing the appropriate research and investing in a divorce lawyer you feel comfortable with and can trust with your personal information will significantly help you achieve your desired outcome and help give you some peace of mind along the way.
Once couples get in the thick of things with their divorce, many individuals often have the mindset of wanting to get it over with as quickly as possible. Take the time to give your divorce the appropriate attention so you can prevent waking up one day feeling angry and regretful for not doing it differently.
For more information about the financial aspects of divorce or your individual circumstances, please contact the divorce attorneys at Rodier Family Law.
The content of this article is intended to provide a general guide about the subject matter. A licensed Maryland attorney should be sought about your specific circumstances.