Everyone is aware that divorce and money is connected to one another and is often the culprit of financial and emotional distress. Couples going through the divorce process are already concerned about their financial well-being as the family unit begins modifications. Divorce creates many family changes which also affects the budget and finances. When separation and divorce occurs, knowledge of what to do as well as what not to do can mean a lot not only for your mental health but also your pocket book. Untying the knot is going to be costly but people can control some of the costs associated by avoiding mistakes that often result in more of a negative financial impact than intended. Listed below are common costly mistakes that many divorcing couples make that escalates their legal expenses.
PREPARING FOR DIVORCE IS IMPERATIVE
Agreeing to divorce proposals without preparing first is not wise. Some people are so anxious to get the divorce process behind them that they will agree to just about anything to get this troublesome time over. The problem; agreements made during the process will affect the quality of post-divorce life. When
divorce involves children, their needs must also be planned for in advance. Therefore, taking the time needed to identify what your needs are independently of your divorce attorney is necessary so you can better equip yourself to help him understand what you need. You have a better opportunity to get the things that are important to you if you have identified what they are in advance. So don’t sign before you prepare!
WITHHOLDING INFORMATION
During the divorce process divorce and money creates anxiety as people may feel that their future is uncertain due to the emotional and financial challenges that they are currently facing. Being protective of what assets that was acquired during marriage may become an obsession which creates unwanted results. Aiming to take care of yourself as well as your children should be both spouses goal but not communicating all information concerning assets can create problems and result in a longer legal process. If caught withholding information, the courts, your attorney and your spouse will second guess the information that you disclose which will now result in a lengthier divorce process which inevitable means more money.
EMOTIONAL CHALLENGES OF DISTRIBUTION OF ASSETS AND LIABILITIES
Divorce stirs all sorts of emotions around especially when it pertains to division of what you’ve worked so hard to obtain. The problem; using your head and not your heart when deciding what you can afford after divorce is imperative to lessening common costly mistakes. No matter the memories made nor plans you had for the future distribution of your assets and liabilities in a manner which creates financial stability is essential. If you were not the spouse who was financially responsible during marriage you must now become educated concerning what you have and what you should propose for distribution. Oftentimes, people seek professionals to aid during this financial process. Your attorney is often a good source of information but also utilizing a Certified Divorce Financial Analyst may be wise. This professional is not only savvy in finances but also in helping to preserve the quality of your future post-divorce. Areas of discussion may include retirement, tax consequences and even selling your home. Learning to lay aside your emotions during this phase of the divorce process is important as you plan effectively for your future. Do not allow emotions to cloud your judgement, rather seek professionals who specialize in financial matters to help you stay focused and move forward.
CHOOSE BATTLES WISELY DURING SEPARATION AND DIVORCE
During this process it’s only normal that you and your spouse is not on the best of terms. Non-communication is usually common and when it is present, it is usually laced with arguing. This can create additional emotional stress and send the legal bills escalating. Planning how to choose your battles and stick to them is essential. To accomplish this, you may examine each issue that needs discussing and take the needed time to educate yourself away from your attorney and spouse as to how it will affect you. After considering your options you’ll devise what you will propose to your spouse and reasons “why” you are proposing this. At the same time, you’ll want to review areas that you may consider compromise in order to move forward. Staying in control of your divorce rather that it or your spouse controlling you is the key for a successful divorce and one that you can more easily afford.
Avoiding costly common mistakes when separation occurs and the divorce process begins should be the goal toward moving forward. Divorce and money can spark flames between spouses, therefore, taking self-responsibility toward preparing for divorce, not withholding information, laying aside emotions when distribution of assets and liabilities occur and determining to choose your battles wisely is needed to remain emotionally and financially savvy. Divorce Tool Box understands the emotional side of divorce as well of the step by step process that you’ll face as you move through the different phases. Discover what Divorce Tool Box is and how it works so you can work toward having a more successful divorce in a less costly manner.
