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Avoiding common financial mistakes during divorce

If you are currently navigating a divorce, you are likely concerned about how your divorce will affect you financially. This is a completely understandable concern. No matter what your income level is or what your level of financial security is, moving from a household in which you are sharing expenses to one in which your expenses are separate necessarily impacts your finances.

Your divorce attorney will almost certainly be able to guide you through the particulars of your financial situation in regards to your potential divorce settlement. However, it is important to be a strong advocate for your financial needs and to be educated on the state of your finances no matter how savvy your attorney is. One of the biggest financial mistakes you can make during divorce is to remain ignorant about any aspect of your financial reality.

Many of the other common financial mistakes that individuals are prone to committing during the divorce process are the same mistakes that many individuals make while they are married. They either prioritize their finances over their relationships or they do not take time and effort to prioritize their finances at all. They fail to budget and to organize their financial documents properly. If a financial habit can cause strain and negative consequences during marriage, it can likely impact a single individual’s financial wellbeing as well.

If you have specific questions about your finances, please do not hesitate to speak with your attorney. At the risk of employing a cliché, it is better to be safe than sorry.

Source: CNBC, “Biggest money mistakes you can make in marriage,” Kathleen Burns Kingsbury, Feb. 11, 2015

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