Making mistakes is part of life, and it’s how we learn. But when you allow an emotionally charged divorce to get the best of you, mistakes can be made that have a negative impact on your case. The consequences can be both emotional and financial, or both. To avoid being your own worst enemy during divorce, it is helpful to know what mistakes are commonly made.
Since financial stability is a critical component of a stable post-divorce life, a review of common money mistakes during divorce is needed. Some of the most often noted things people do during a divorce that hurt them financially include:
● Taking the house in lieu of liquid assets. While it is important to keep a roof over your head and the heads of your kids, it is also important to have the cash flow necessary to maintain a home. Selling the marital residence and dividing the proceeds may prove a more sensible option than giving one spouse the home and giving the other liquid assets.
● Making snap decisions. It might sound easier to decide important issues quickly, just to get them handled, but more often slow and steady is a better course. When you are rushed or in an emotional downturn, you are more like to overlook important information needed to make sound decisions. This can lead to undervaluing assets, or giving up assets with significant value.
● Ignoring formalities. Changing your beneficiary on life insurance and retirement accounts can be time consuming and technical, but ignoring these important tasks may leave your ex as the one designated to receive benefits.
Make sure the results you get are the results you want. Take time to let your emotions settle before making major decisions about your divorce, and consult with experienced legal professionals for sound advice.
If you have questions about divorce, call our office for help. Our staff of competent family law attorneys in Stuart and the Treasure Coast is familiar with the common mistakes made during divorce and is here to help steer you clear of those obstacles. Contact us to schedule an appointment today.