Divorce is a difficult thing to go through, and it’s hard to get through the process without at least one mistake. It’s a time when you have to make some of your biggest life decisions, but the worst time to be making such choices. With a bit of knowledge and insight upfront though, some of the biggest mistakes can be avoided.
Learn about the divorce mistakes women are prone to make, and prepare yourself to avoid them.
1. Being Surprised by Finances
Has your husband accrued a lot of debt? Are there assets you may not be aware of? A divorce is a time when you need to have a solid understanding of your family’s finances. Gain that understanding before you begin the process.
2. Deciding Not to Use a Lawyer
Practice this phrase: “You’ll have to speak to my lawyer about that.” Don’t make divorce decisions without a good divorce lawyer, even if your husband says a lawyer is unnecessary. You may end up getting the short end of the stick without someone to back you up.
3. Settling Too Soon
Whether you want things to just be over already, or whether you feel guilty taking what’s owed to you, don’t settle too soon or settle for too little. Divorce can get ugly, and you may be tempted to just end the process as quickly as possible. Don’t give in though. Work with your divorce attorney to understand what you’re entitled to, and then stay firm.
4. Not Speaking to a Financial Expert
A lawyer will get you through all the legalities of the divorce, but your lawyer likely isn’t well-versed in the value of your stocks or tax considerations. Hiring a capable divorce attorney is crucial to your case, but so is speaking with a financial expert.
5. Forgetting About the Cash
Retirement assets, real estate, and cars are important, and you should make sure you get an equitable share of them. But don’t forget about the cash. You’ll need to buy new furniture, put money down for a new home or apartment, and more. Plan for the far future, but don’t forget to plan for the immediate future as well.
6. Neglecting Insurance on Child Support Payments
Don’t forget to insure your spousal or child support payments through a life insurance policy. If your spouse dies or is disabled, you could lose the support payments. Check to see if your existing policies have death benefits that can cover the value of future support payments. Then, be sure to negotiate so that the ownership of that policy will be transferred to you.
7. Trading Part of the Financial Settlement for Child Custody
It seems a noble thing to take less money in exchange for more time with your kids. Maybe it even seems impossible to avoid if your husband is being difficult with the financial settlement and child custody decisions. But work with your divorce attorney to make sure you don’t have to sacrifice something you’re already entitled to.
8. Underestimating Your Financial Needs
When everything is laid out and divided, it may seem like you’re getting a lot, but don’t forget to think about your future financial needs. Will you have to move, and will your rent or mortgage payment go up? Will you need to pay for childcare while you work? Create a reasonable budget for the future before you accept any financial offers.
Divorce is hard for both parties. Both parties will get too emotional, and make reactive decisions. When you can plan ahead, you’ll reduce your chances of a regretful outcome. Make sure your divorce attorney understands your wants and needs and is ready to help you achieve the best outcome possible. For a dedicated, hard working divorce attorney who will help ensure the best possible outcome in your divorce, contact Ben Carrasco today!