Divorce mistakes to avoid: Not making a long-term financial plan
No one gets divorce 100 percent right. We all make mistakes. But that doesn’t mean we all need to make the same ones. There are some common mistakes that family law attorneys observe on a regular basis.
There’s an old adage that says “failing to plan is planning to fail.” In today’s post, we’ll discuss how many individuals going through divorce become short-sighted about their financial future. They fail to realize that the decisions they make now may impact their finances for decades to come.
Sometimes, this mistake is the result of the “let’s just get this over with” mindset. The desire to work out divorce details quickly should not take priority over the need to reach a fair and mutually agreeable settlement. Agreeing to give your ex whatever he or she wants is not a sound strategy.
You may also be doing yourself a disservice by making rough estimates about post-divorce finances rather than taking a thorough inventory. It’s easy to forget that living on your own is often more expensive than sharing a residence and dividing costs with your spouse. And if you have a significantly larger or smaller income than your spouse, you likely need to factor in spousal support (either paying it or petitioning to receive it).
Before you begin negotiations, it is a good idea to sit down with your attorney and/or a financial professional and create a short-term and long-term budget. When these details are figured out, it will likely be much easier to work out a fair divorce settlement.