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Some financial mistakes to avoid during divorce

It goes without saying that a divorce is a very important step in a person's life, and it also goes without saying that, over the course of time, many people have made plenty of mistakes during divorce. As a result, there are some common things to avoid during the divorce process.

Now, even though there are some critical aspects to a divorce that any splitting spouse needs to know, they still need to consider the fact their divorce is unique from other divorces. Their marriage will have factors and circumstances that others may not have to deal with. As a result, it is always difficult to take divorce advice because your situation may not apply to that advice.

That's why it's important to have a divorce attorney by your side. He or she can help you through some of the more difficult divorce issues you may face. Remember, your lawyer is an advisor, and he or she can help you in negotiations or in court -- but don't let your lawyer dictate your divorce to you. Have a clear vision in mind when you file for divorce, and share that vision with you lawyer.

So what mistakes should you avoid during divorce? Here are three crucial missteps to avoid:

  • Unsecured debts: Your debts can be passed off to your spouse in a divorce, just as his or her debts can be passed on to you. But the crucial factor here is that if they fail to pay, you can still be held liable for those debts. Have a plan just in case this happens.
  • Trading part of a financial settlement: This can be done to earn something else in the divorce, such as child custody. Just remember this is a major decision, and you shouldn't take it lightly.
  • Not asking for enough: When it comes to finances in divorce, don't underestimate your needs and what you should get from the divorce.

Source: TIME, "The 7 Biggest Money Mistakes That Divorcing Women Make," Lili A. Vasileff, July 9, 2014

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