What are the Most Common Financial Mistakes Made During Divorce?

Divorce is a nuanced, and often lengthy process that will ultimately lead to the dissolution of your marriage. After the dust settles, the last thing you’ll want to discover is that a financial mistake or oversight could affect your financial situation for years to come. As such, let’s go over the most common mistakes individuals make throughout the divorce process.

Not Negotiating in Good Faith

It’s no secret that emotions can run high at times throughout the divorce process. Be sure to try to stay clearheaded throughout all negotiations. In some cases, individuals have a tendency to go after divorce concessions that aren’t truly important to them. In reality, you have your best chance at achieving positive results for both parties by trying to make fair compromises. As such, it may be worth skipping negotiations and heading straight to court if you feel your spouse has no intentions to negotiate fairly.

Failure to Cover All Priorities

As we established earlier, there are many nuances involved with divorce. As you navigate through the process, be sure to confirm that each of your major priorities are thoroughly addressed for best results. As you begin the divorce process, here are a few of the main priorities that most individuals grapple with:

  • Alimony
  • Child support
  • Child custody
  • Shared property division

Failing to Hire an Attorney

Cutting costs where you are reasonably able to do so makes sense as you attempt to navigate through this process without much financial strain. However, the failure to hire an attorney to save money could very realistically end up costing you more money in the long run. Divorce attorneys have experience protecting the financial interests of their clients from the beginning of the divorce process all the way through the end. With an expert in your corner, you can enjoy the peace of mind that no costly mistakes will impact your future after divorce.

Protect Your Finances During and After Divorce with Elizabeth Anu Lawrence Law

The Law Office of Elizabeth A. Lawrence offers high-quality legal representation, personal attention, and professionalism to help defend those who need it most.  Click here or call (410) 986-0088 to consult with an experienced attorney today.

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