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What are 3 common financial mistakes in a divorce?

We all do our best to navigate lives trials and tribulations in the most appropriate way possible. The same is true for divorce. The problem is, most people have never been through the divorce process before, so they're likely to make a few mistakes along the way. Here are three common missteps that divorcing spouses will want to avoid like the plague:

  • Being ignorant of you and your spouse's financial situation: One spouse usually manages the family finances. If that spouse isn't you, it's vital that you figure out what you and your spouse own as a family. Make sure you gather all of your spouse's financial information to have an accurate assessment of your finances. This will help you understand what you have the right to receive during the asset division process.

  • Not getting your assets appraised: Whether it's your family home, a vacation property, your vehicles or a piece of art, you need to understand it's current value. Some items might even belong to your spouse as individual property, but if they accrued value during the course of your marriage, you might have the right to receive part of these value increases.

  • Not setting up a budget: How much money do you need each month to live as a single person? Single life is more expensive than married life in many respects because you won't have two incomes anymore and you won't benefit from sharing expenses. It's important to plan for this or you could end up with a lot of debt problems.

One of the most stressful aspects of divorce is the fear of not protecting your financial rights. This is why smart spouses employ legal, accounting, appraisal and tax professionals to ensure they understand their financial situations while protecting their marital property rights.

Source: Huffington Post, "10 Financial Mistakes to Avoid in Divorce," Karen Covy, accessed May 18, 2018

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