Avoid These Financial Mistakes in Divorce

Avoid These Financial Mistakes in Divorce

It is no secret that financial issues are one of the leading factors which contribute to the demise of a marriage and lead couples towards divorce. Financial struggles can be a burden for even the happiest of couples and add stressors to an otherwise carefree marriage and these stressors do not vanish simply because the parties file for divorce. To the contrary, people often find themselves in an even more precarious financial position post-Judgment. However, often times this can be avoided if the parties are properly advised and informed.

While some divorce proceedings end in Trial, far more frequently couples reach a settlement short of Trial with the assistance of their attorneys. In either case, one or both of the parties may still feel as though they did not get the outcome they “deserved”. Therefore, in an effort to curb the possibility of an undesirable outcome, here are a few things to be cautious of.

Don’t become overly attached to your home. By insisting that you retain the former marital residence, or any piece of real property for that matter, when you do not actually have the financial means to stay current with the mortgage, utilities and/or upkeep, you are ensuring your own financial ruin. Things are just that – things, and a home is no different. Finding a place to live post-Judgment that is within your monthly budget is far more important than retaining a residence, one which you will ultimately lose, for foolish reasons like pride, spite or nostalgia.

Don’t fail to see the forest through the trees. Shortsightedness will have severe consequences when going through a divorce. It is imperative that you consider all aspects of your finances, including insurance policies, retirement accounts and investments. By overlooking the long term benefit of retaining these types of assets you can do irreparable harm to your financial future.

Let go of emotion. Many divorcing couples enter the process with extreme feelings of betrayal or resentment. While these emotions are a natural byproduct of the end of a relationship, failing to regulate them may lead to more court appearances, a longer settlement process and, in turn, increased legal fees and expenses.

The above examples are just a few of the pitfalls encountered by individuals who are divorcing, but none are as dire as attempting to navigate the process without the assistance of competent counsel. That is why if you are currently involved in divorce proceedings or if you are contemplating filing for divorce in Macomb County, please contact the experienced family law attorneys at Iafrate & Salassa. We will work with you to avoid these common mistakes and help ensure that you get a fair and efficient settlement. Call today at (586) 263-1600 or click here to contact us.