Financial matters are among the most stressful issues spouses face when they go through a divorce. People worry about everything from dividing assets to supporting themselves and their children.
Considering how consumed parties can be by money-related issues during the divorce process, avoiding mistakes that can ultimately cost them more money can be critical.
Common financial mistakes
People who are ending a marriage make unfortunate decisions that can result in financial consequences and unnecessary spending. Some of these mistakes include:
- Refusing to participate in alternative dispute resolution, as litigation can be more expensive and take longer than out-of-court resolutions
- Setting unrealistic expectations for support and property division, both of which are matters that must comply with state laws
- Being unfamiliar with your marital and separate assets
- Failing to request spousal support if you are eligible for it
- Harassing your ex, which can make it impossible to avoid litigation
- Trying to get through the legal process yourself
- Failing to comply with temporary support orders
- Attempting to conceal, undervalue or get rid of marital assets
These are all decisions that have financial repercussions. These consequences could be in the form of an unfair settlement, a lengthy legal process, fines or penalties.
It’s about more than money
Even if you are not worried about the financial ramifications, avoiding these mistakes can be wise. There could be a lot more than money at stake in a divorce, including:
- A child’s welfare
- Emotional health and well-being
- Future relationships
- Living arrangements
- Stability and security
All of these areas can be affected by the decisions people make during a divorce, so it is wise to consider them as you navigate the legal process.
When you minimize costly disputes and penalties during a divorce, you can make it easier for you and your family to recover and move forward when the divorce is final.