A divorce is a major time of transition in a person’s life. All sorts of big and key things can be in flux and shifting during the course of ending a marriage. In this time of great change, mistakes can have ramifications that are very long-lasting in nature.
This includes financial mistakes. Financial missteps in the time right after one split’s from a spouse can put a person in a tough spot money-wise as they are trying to get their life off to a new start. A rough financial start to one’s post-divorce life, in turn, could have impacts on their ability to achieve their long-term goals for their post-divorce future.
Divorcing individual financial mistakes can take many different forms, including:
- Spending beyond one’s means.
- Not handling debt in the ideal way.
- Focusing on the wrong things in financial issues in the divorce.
- Letting “getting back” at their ex take priority over their own financial best interests.
So, when in the midst of a divorce, it can be important for a person to carefully think things through and carefully consider their overall interests, both for the present and for the future, when it comes to matters like: their post-divorce spending and everyday budget, how they are going to handle their debt load and the handling of financial issues in divorce proceedings. Avoiding knee-jerk decisions when it comes to financial matters is among the things that could help a divorcing individual with steering clear of money mistakes.
Legal mistakes are another thing that can have vast implications in a divorce. Divorces are full of legal issues that touch on major things, such as the rights a parent has regarding their kids and how the marital estate is to be split. Mistakes regarding such issues could have deep effects that stay with a divorcing individual for an incredibly long time, and can be difficult (or in some cases near-impossible) to fix.
So, making sure they have a good grasp of the situation and their options when it comes to the different legal issues in their divorce can be critical for a divorcing person. Divorcing individuals can go to skilled divorce lawyers for guidance on divorce legal issues and how to avoid costly errors regarding such issues.
Source: NerdWallet, “3 Ways to Avoid Money Mistakes During Divorce,” Shawn Leamon, July 13, 2016