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Avoid These Financial Mistakes in Divorce

Avoid These Financial Mistakes in Divorce

28 / July 2015

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Avoid These Financial Mistakes in Divorce

If you speak to anyone who has gone through an extremely combative divorce, they will likely share myriad of things that in hindsight they would have done differently. Given that divorce can be a difficult and emotionally draining process, people often do not make the best decisions as they are not thinking with a clear mind. Divorcing couples must juggle many different issues, including children, property division and spousal support. With so many different facets of the divorce process to navigate, it can be hard for a person to thoroughly examine every issue that they are presented with and important details can be overlooked and poor decisions made.

Financial pitfalls are commonplace when people make decisions based solely on emotion resulting in significant harm to their financial future. One of the biggest mistakes made by a party to a divorce is a failure to have a complete understanding of their finances. By not being cognizant of the entire marital financial picture, a person stands to lose out on valuable assets which they are entitled to.

Another mistake often made during the divorce process is trying to go through it alone. Having an experienced divorce attorneys can make a huge difference in how the financial aspects of a divorce settlement are handled. Sometimes simple things are missed by a person attempting to represent themselves that an attorney would have immediately identified.

Failure to memorialize terms of an agreement in writing can also have severely detrimental impact on a parties’ financial future as anything that is agreed to by the parties but not included in the final divorce decree is not legally binding and, thus, unenforceable.

With so many different issues to address during a divorce, it is imperative that you seek the help of an experienced Macomb County divorce lawyer. At the law offices of Iafrate & Salassa, we have been handling divorce and family law cases in Michigan for more than 50 years. As a result, we understand all of the nuances of divorce and will fight to ensure that your best interests are protected throughout the entire divorce process. If you are contemplating divorce, call us today at (586) 263-1600, or click here to contact us online.

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