If you are in the midst of a divorce, you know your entire life is about to change. This is a transitional time that comes with big emotions and challenges. While your entire life will change, it’s important to pay close attention to your financial situation.
Mistakes can happen with so much stress and so many things to think about. However, learning about some of the common financial mistakes can help you avoid them.
Trying to move too quickly
Most people don’t want to dwell on a divorce. Instead, they want to get things over with and move on with their life. While this may be the case for you, it’s important not to rush the process. Doing so may result in you missing out on assets to which you are entitled.
Expecting your spouse to be open and honest about their finances
Unfortunately, not everyone is honest and transparent regarding their financial situation. You may expect your spouse to disclose all their assets and money; however, this isn’t always the case. If you rely on your spouse to tell you everything, rather than looking into the financial records yourself, you may miss out on a share of the assets you deserve.
Not following through with the process
When your finish dividing your assets, you may believe this part of the process is done. However, it’s up to you to follow through with things like refinancing the mortgage if you are keeping the house or closing joint accounts. Make sure you get documentation that proves your spouse has upheld their end of any similar bargains they’ve made.
While divorce isn’t something most people want to prolong, it’s a good idea to avoid the financial mistakes listed here. Experienced legal guidance is key to protecting your future.