How to Avoid Making Money Mistakes in Divorce

Arguejpg.jpgAside from all the negative emotions, divorce is essentially a business transaction – a division of assets – unless, of course, children are involved. Then it is even more important to get the money part right.

Forewarned is forearmed. Here are some of the most common money mistakes made in divorce:

Taking an offer just to get it over. Since you will be making financial decisions that will determine your financial future, take the time to get it right. Consult with a financial professional so that you understand all the financial impacts of the settlement and do not always assume that an “equal” share is a fair share.

Not knowing your expenses. You and your ex will be maintaining separate residences after the divorce, so you need to figure out what your monthly expenses will be to enable you to do so. Be sure to take into account annual maintenance for your car, home or other expenses that can negatively impact a budget if it is unplanned.

Using your attorney as the middleman. Your divorce attorney is there to help you obtain the best possible outcome for your case. Using him or her to act as the go-between because you do not wish to communicate with your soon-to-be ex is a waste of money times two because if you are doing this, your spouse is also.

If you must get a divorce, be sure it is a smart one. Contact our Jacksonville family law firm for more information.