Going through a divorce is emotionally draining. But, as you go through all the motions of the divorce, you may forget about the financial impact of the divorce. Hiring the best lawyer will cost a lot of money as will the court appearances.
But as you focus on the divorce and do all you can to make sure that the process ends, you shouldn’t forget the fact that you have a future. You need to have long terms financial plans. You also need to be aware that there are more important things to think about and that the whole process is not black and white.
You don’t want surprises so, gather all the information available on divorces – before, during and after details. To know what you are looking for or the regrets you don’t want to live, keep reading.
- Divorce lawyer hopping
Isn’t is bad enough that you have to spend more than $30,000 because you need a good divorce lawyer? Firing your old lawyer (lawyer) and hiring a new one is an expensive process and you know that you don’t have any money to lose. To prevent this from happening, hire the best divorce lawyer upfront.
Since you know what you want out of a divorce, research and ask about who the best lawyer is. Vet them thoroughly and make sure you have the details of their experience in the field, the cases they’ve handled, and the number of cases they have won.
Don’t listen to promises, look at the hard facts of the work the lawyer before you hire them. Their exorbitant fees will be better than hiring a new lawyer in the middle of the case.
- Arguing for argument sake
The exchange of bitter words and raising your voice just because you are hurt, and you feel betrayed does more harm than good. Conflict makes the divorce process long, and that means the process is more expensive. The conflict could also cause irreparable damage, and your co-parenting relationship may be worse than then divorce. So, even though you are deeply hurt, don’t argue just because you need to vent.
- Keeping the family home
It might sound like a great idea, and you may feel that you are entitled to the house but keeping your marital assets or going a step further to buy out your spouse out of the family home will be financially damaging and you will regret the decision soon after the divorce. It is also an unhealthy emotional decision. There’s also the fact that maintaining the home will be expensive now that your budget for home maintenance and repairs is slim. So, unless you can afford the home after the divorce and you won’t get emotional about it, it’s better to sell the house.
- Losing your money, clarity, self-esteem, and independence
This happens when you don’t take the time to understand the financial implications of the process and when you mix emotions with finances. As one of the biggest regrets in divorces, you need to understand what you are getting into, as well as the implications of the process to your finances.
- Forfeiting your rights to alimony
Think of it as leaving your retirement money on the table. Unfortunately, this is a rampant mistake that arises from not knowing the difference between marital and non-marital assets. Understanding these two asset classes helps in determining the value of the equitable divorce settlement.
- Other mistakes include:
- Buying a home at the wrong time
- Not saving or investing early in life
- Failing to sign a prenuptial agreement
- Making snap decisions
How to avoid these divorce mistakes
- Interview your lawyer and don’t rush the hiring process
- Evaluate your lifestyle thoroughly before
- Learn about the process and asset division processes
- Don’t get emotions involved
- Trust the right people