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Financial Mistakes To Avoid During A Divorce

Financial Mistakes To Avoid During A Divorce

When you go through a divorce, a million thoughts run into your mind. From handling your children to controlling your own emotions to ensuring your rights stay protected throughout the process. It is easy to make mistakes in this chaos, especially financial ones. 

If you and your spouse have agreed on an uncontested divorce, you may want to deal with the financial issues on your own. However, people without a Tacoma Uncontested Divorce Lawyer usually make costly mistakes that they regret later. Here are a few common ones. 

Financial mistakes to avoid during a divorce

  • Rushing to get done with the divorce. 

Usually, one spouse rushes to complete the divorce process as soon as possible, especially in cases involving physical, emotional, and financial abuse. When you rush into things, you tend to commit mistakes. Your spouse may sense your urge to get over the divorce process quickly and take advantage of the situation by dividing the assets unfairly. This way, you will be left with less than you deserve without the financial support you need to start over your life. 

  • Underestimating your expenses. 

Divorce or no divorce, you must get a hold of your earnings and expenses. Track how much money comes in every month and how you spend it. Likewise, create a budget of your future costs along with considering inflation. People with no attorneys often ignore inflation that hampers their quality of life. 

  • Not standing up for yourself. 

When you talk about divorce, know that you will be talking about money a lot. Divorce proceedings can be overwhelming, and it is often found that some people tend to fall back and not speak in favor of their best interests. Do not agree with your spouse and “go with the flow” just because you want a smooth and quick divorce. Not standing up for what you want will only cause you to regret it later. 

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  • Not considering hidden assets. 

You may think your spouse is an angel who can do no wrong, but you would be surprised to know how many people hide their assets from their spouses. Overseas bank accounts and trusts have made it easier to hide money and assets. Hiring an attorney who possesses the resources to find hidden assets can ensure that you do not lose anything you are entitled to. 

  • Fighting to keep the family house when you cannot afford it. 

We often see spouses fight for their family house, especially when children are involved. However, it is essential to ask yourself whether keeping a house would be ideal for your financial situation. For example, if you give up other assets to keep the home and then find you cannot afford the mortgage, you may get in trouble. 

Most people do not have the skills to deal with complex financial, legal processes. While most matters in an uncontested divorce can be resolved between the couple, hiring an attorney is still necessary to make sure you do not make these financial mistakes. 

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