It is all too easy to let your heart rule when you are working through the process of dividing your property during a divorce. Before you embark upon the process, you should know about some of the common mistakes you can make when you divvy the property up.
One common mistake is to not think about the real cost of the assets that you want. It is easy to make a list of what you want, but you have to go beyond thinking about the items. Think about the future costs of these items. For example, you may want to keep your luxury car, but you have to be sure that you will be able to cover the upkeep costs and repair costs associated with the car. Remember, you will only have one income when you are divorced.
Wanting to hang on to your marital home is another consideration. Even though you may not want to move, you have to think about having to pay the mortgage, the insurance, the property taxes and other similar costs. If the house is upside down with the mortgage, you may not need to take on the cost of having the home awarded to you.
You can’t let your anger toward your ex fuel your decisions during the process. The ultimate goal of property division is for you to get the assets that will allow you to enjoy your new life. If you are swimming in debt or unable to pay for the items you are awarded, your fresh start might be a stressful start. With this in mind, think about each property division settlement that is suggested.
Source: USA Today, “5 biggest divorce mistakes financially,” Wendy Spencer, accessed Feb. 03, 2017