Common Financial Mistakes Made During Divorce

July 6, 2021

divorce contractEnding a marriage is complex and can be stressful, emotional, and financially draining. Many may not know what type of financial toll to expect when getting divorced. However, it is important to know common financial mistakes people make when getting divorced so you can save time and money during your dissolution.

Not Knowing Your Marital Finances

One mistake many make is going into a divorce without knowing the full extent of their marital finances and assets. If your former spouse primarily managed the finances during your marriage, this can give them an advantage when settling divorce finances. To avoid this mistake, it is important to equip yourself with the knowledge of all marital assets and request access to all reports and statements as soon as possible.

Save Money in a Separate Account During the Divorce Process

A sudden separation can temporarily leave you in a place of financial uncertainty, but saving any available money during this time could keep you from falling into a worse financial position.

Underestimating Your Personal Monthly Spending

You should understand and track your personal monthly spending, especially once you are separated. Your monthly budget is considered when calculating spousal support payments, so establishing that you have a reasonable budget could be beneficial to your future financial situation. The budget should be in line with your current standard of living, but you should also factor in future inflation (emergencies, loss of income, etcetera).

Underestimating your budget could leave you unable to maintain your necessary standard of living or leave you unable to comfortably maintain your future needs.

Choosing the Wrong Attorney

Consulting the wrong lawyer could leave you and your former spouse frustrated and with unresolved disputes. If the representation causes serious conflict, you could be left without your appropriate share of the marital estate and in unnecessary financial hardship.

It is essential to find a skilled divorce attorney who can advocate for your best interests in a proactive manner. A dedicated lawyer could also act as a neutral third-party mediator and assist both you and your spouse in reaching an agreement that works for both parties.

Contact an Experienced Divorce Attorney Today

The breakdown of a marriage involves many complicated legal considerations. If you are facing this major life event, it is crucial to seek proper legal representation to avoid unnecessary missteps.

Enlist the help of a Connecticut divorce lawyer to protect your legal rights and interests. Contact the firm today to schedule your consultation.

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