Mistakes That Can Cost You Financially During Divorce

Seemingly small mistakes during a divorce can lead to expensive financial consequences. The following are some examples of such mistakes.

Disputing Everything

It is common for disputes to arise during divorce negotiations. However, these should be genuine disputes; you should not dispute every point your partner may raise just for the sake of it. Most divorce professionals, such as mediators or lawyers, charge by the hour. The more disputes you raise the longer the divorce will take and the more expensive it will get. Do your best to reach amicable agreements fast.

Agreeing to Everything

Although it doesn't help to dispute everything, it is also bad to agree to every proposal your partner may make. You need to scrutinize the proposals, confer with your lawyer, and make an informed decision. Sure, some divorce agreements (such as alimony) can be modified, but it is much cheaper to get the right agreements the first time.

Seeking Revenge

Revenge during a divorce is a double-edged sword; you might hurt yourself as you try to hurt your partner. For example, you might be tempted to get a romantic partner to get back at your partner for ending your marriage. If you end up using marital resources on your new romantic interest, your partner may accuse you of asset dissipation and your share of the marital may fall if the court agrees with your partner.

Poor Budgeting

If you are entitled to temporary spousal or child support, then you should be very keen on what you present as your budget. You need to include every legitimate budget if you want adequate support. Don't forget that your divorce can drag on for even more than a year, especially if it is a contested divorce. Surviving that period with inadequate alimony or child support might be difficult.

Making Emotional Decisions

Although divorce is an emotive process, you should do your best to detach your decisions from your emotions. You can do this by consulting divorce professionals such as financial advisors, lawyers, and divorce counselors. That way, you can make rational decisions after evaluating every side of every single divorce issue.

Overusing the Divorce Lawyer

Your divorce lawyer will be more than happy to do everything possible to help you during the divorce. However, divorce lawyers typically charge by the hour, and the more you engage your lawyer, the higher your divorce fees will get. Only consult your lawyer if you have a question or an issue that requires the lawyer's professional expertise or experience.

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