{"id":636,"date":"2023-05-22T08:06:26","date_gmt":"2023-05-22T15:06:26","guid":{"rendered":"https:\/\/www.elawrencelaw.com\/blog\/?p=636"},"modified":"2023-06-13T08:19:18","modified_gmt":"2023-06-13T15:19:18","slug":"3-financial-mistakes-you-should-avoid-during-a-divorce","status":"publish","type":"post","link":"https:\/\/www.elawrencelaw.com\/blog\/3-financial-mistakes-you-should-avoid-during-a-divorce\/","title":{"rendered":"3 Financial Mistakes You Should Avoid During a Divorce"},"content":{"rendered":"\n
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Getting a divorce can be an incredibly stressful, emotional situation. Unfortunately, that can lead you to do things and make decisions that you would not normally make otherwise. Working with an attorney is one way to make sure that you are doing things that are the best for you and your family. What are some of the financial mistakes that individuals make during the divorce process? <\/p>\n<\/div><\/div>\n\n\n\n\n\n\n\n

Not Thinking About Costs <\/h3>\n\n\n\n

One of the biggest financial mistakes that you can fall\nvictim to during a divorce is not thinking clearly about the costs that you\nwill have after your separation. Many people drastically underestimate how much\nit costs to run their own home. If you are used to splitting bills, going from\nthat to paying for all of the costs related to utilities, insurance, food, and\nmore can be overwhelming. Make sure that you think through your budget after\ndivorce, especially if you are considering asking for alimony.<\/p>\n\n\n\n

Not Considering the Potential for Hidden Assets<\/h3>\n\n\n\n

Nobody wants to assume that their spouse is hiding things\nfrom them, but hidden assets are unfortunately common in many divorces. Not\nconsidering the potential for your current spouse to have any hidden assets is\none of the most common financial mistakes during a divorce. Working with an\nattorney is one way to help uncover potential hidden accounts or assets that\nyour spouse might be using to try to prevent you from receiving what you may\ndeserve. If you are preparing for a divorce or in the midst of one and you\nnotice large withdrawals or transfers, physical assets going missing, passwords\nchanging on shared accounts, or sudden drops in income if the other party is\nself-employed, it can be cause for concern. <\/p>\n\n\n\n

Not Taking the Right Assets<\/h3>\n\n\n\n

Another one of the most common financial mistakes during\ndivorce is not taking the right assets. You probably have a large number of\nassets with your spouse, depending on the length of time that you have been\nmarried. However, when thinking about the division of them, don\u2019t just consider\nthe amount itself. Instead, think about the tax implications of the assets and\nwhat you actually need. Your situation is unique, so what is right for one\nperson might not be right for you. For example, if you are young and in need of\nimmediate income to support yourself, retirement accounts could be a poor\nasset, as you will need to pay early withdrawal penalties. <\/p>\n\n\n\n

Learn More About Protecting Yourself in the Divorce Process from The Law\nOffice of Elizabeth Anu Lawrence <\/h3>\n\n\n\n

If you are concerned about your financial decision-making\nduring the divorce process, choose an experienced firm like the Law Office of\nElizabeth Anu Lawrence to give you the help you need.  Please give us a call at 443.352.3201. Skype\nand telephone consultation are both available to clients.<\/p>\n","protected":false},"excerpt":{"rendered":"

Getting a divorce can be an incredibly stressful, emotional situation. Unfortunately, that can lead you to do things and make decisions that you would not normally make otherwise. Working with an attorney is one way to make sure that you are doing things that are the best for you and your family. What are some […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"_links":{"self":[{"href":"https:\/\/www.elawrencelaw.com\/blog\/wp-json\/wp\/v2\/posts\/636"}],"collection":[{"href":"https:\/\/www.elawrencelaw.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.elawrencelaw.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.elawrencelaw.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.elawrencelaw.com\/blog\/wp-json\/wp\/v2\/comments?post=636"}],"version-history":[{"count":2,"href":"https:\/\/www.elawrencelaw.com\/blog\/wp-json\/wp\/v2\/posts\/636\/revisions"}],"predecessor-version":[{"id":639,"href":"https:\/\/www.elawrencelaw.com\/blog\/wp-json\/wp\/v2\/posts\/636\/revisions\/639"}],"wp:attachment":[{"href":"https:\/\/www.elawrencelaw.com\/blog\/wp-json\/wp\/v2\/media?parent=636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.elawrencelaw.com\/blog\/wp-json\/wp\/v2\/categories?post=636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.elawrencelaw.com\/blog\/wp-json\/wp\/v2\/tags?post=636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}