Dealing with a divorce can be overwhelming, but it’s important to keep a clear head and think about the future. Some people get stressed or let their emotions take over, and that can lead to financial mistakes that they will end up paying for later. A Tazewell County marital property division lawyer from our firm can help you avoid some of these common errors and fight for an agreement that treats you fairly.
Which Financial Mistakes Are Often Made in Divorce?
There are a few financial mistakes that anyone can make during the divorce process. It’s important to try and avoid missteps like:
- Misvaluing marital assets
- Not properly estimating post-divorce life expenses
- Allowing your spouse to hide assets
- Failing to consider any tax implications
- Getting stuck with an unfair portion of the marital debt
- Not getting a fair share of the retirement assets
- Failing to consider the rising costs of childcare over time
These are all easy financial mistakes to make, and it’s more likely that you’ll make them if you aren’t careful during the divorce process.
How Can I Potentially Avoid These Financial Mistakes?
One big problem is that many people try to rush through their divorce. We understand that this isn’t usually a pleasant experience and that many people want to reach an agreement and move on. However, anyone who tries to blitz through this process is almost certain to make some financial mistakes. Whether it’s because you’re making emotional decisions or because you did not properly consider part of your agreement before signing, your impatience could come back to haunt you.
We also see couples who aren’t willing to try alternatives to litigation. Going through court can be expensive and time-consuming, and at the end of the day you’re putting a lot of decisions in a judge’s hands. Alternatives like mediation or arbitration can save you time and make it possible to negotiate fair financial agreements. A collaborative divorce can also be a great way to address financial matters and any other issues you have. If you and your spouse are able to communicate in good faith, giving these alternatives to litigation a chance can be worthwhile.
When Should I Talk to a Lawyer?
You should talk to a lawyer as soon as you have decided to go forward with a divorce. Do not forego representation because you think that it will make the process faster or less expensive. You need someone who will look out for your interests and make sure that you do not make any of the common financial mistakes we mentioned above.
Contact Our Law Firm Today
So when you are ready to proceed with a divorce, contact Butler, Giraudo & Meister, P.C. Our compassionate and experienced attorneys can help you navigate this process and fight for a fair agreement. There’s no reason for you to do this all on your own.
