Divorces are hard. Add a house, kids, and a pet to the mix, it becomes even more complicated. However, there are some things that you should try to circumvent before, during, and after the proceedings. Here are some common divorce mistakes and how to avoid them.
HIDING ASSETS
It can be tempting to hide money or other assets in order to protect them during a divorce. This is against the law. If it is discovered during the process that you are doing this, you may face more legal fees and reward your spouse more assets than they would have received initially.
CONTROLLED BY ANGER
There are bound to be some tough feelings during divorce proceedings. Yet, if your end goal is to ‘get even,’ that tends to not work out well for either side. If possible, try mediation first. This will help save you money on attorney fees and allow the process to go faster than if you were to go to court.
LEAVING JOINT ACCOUNTS OPEN
If your spouse agrees to take over a certain debt, such as utilities, make sure you remove your name from the account. In the event that they stop paying these debts down the line, your credit score and finances could also be affected, even if you are divorced.
BEING NEAR SIGHTED
We’ve all heard the saying that it’s hard to see the forest through the trees, a divorce is the same. When you’re in the middle of it, it can be hard to think towards the future and what your life is going to look like 5, 10, 15 years down the line. As soon as a divorce is inevitable, you need to start planning your life. This includes planning a post-divorce budget and adjusting to your new normal.
