Tips On Not Making ‘Money Mistakes’ During Divorce

As previously written, for many people January and February are optimal months for finally springing into action and beginning the process of divorce thereby creating a fresh start to the Divorce Moneyyear. For some the change is overdue and welcome, but for others it will come as a shock to learn their spouse is leaving. A January 2015 CBS Money Watch article offered common money pitfalls people on either end of the divorce decision should avoid. The following are a couple of tips worth serious consideration.

Don’t Be In The Dark As It relates To Your Finances

In many relationships, one person is designated the family accountant, handling accounts payable, savings, investments and debts. Although trust is a major component to a healthy marriage, it is never a good idea to be in the dark regarding your household finances. On the other hand, if you’re the ‘money person’ in your marriage, your spouse may think you two have more money, bigger savings or less debt. Either way, it is always a good idea for both parties to know the family’s finances.

Avoid Paying An ‘Emotional Tax’

Emotional tax as it relates to divorce can be illustrated in the following scenarios:

  • The angry party who, for whatever reason, was oblivious to the marriage ending feels blindsided after having received divorce papers. As such, he or she is now dragging his or her feet in an effort to exact revenge; or
  • The devastated party who is willing to agree to almost anything because he or she simply wants the divorce process over as quickly as possible.

Both are costly money mistakes that can lead to the loss of thousands of dollars post divorce.

Some of these tips may be outside your comfort zone. Additionally, keeping your emotions in check can certainly be easier said than done. Perhaps confiding in a very close friend or family member to release some of the emotional stress is advisable, but acquiring the services of an experienced divorce lawyer is paramount in making certain you’ve exhausted all efforts in realizing an equitable outcome. Contact attorney Donna Wagner today to schedule your free consultation.

 

 

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