Three common divorce mistakes many couples make
Preparing for your divorce can help eliminate some of the issues you may encounter throughout the process.
Couples headed toward divorce often have many misconceptions about the divorce process. This article will explain some of the common mistakes that people often make when getting divorced, and will discuss some of the measures you can take to avoid falling into the same traps.
Not gathering all of the important information before filing for divorce
When one spouse files for divorce, things immediately become much more contentious between the parties. This makes it considerably more difficult for the spouses to come to an agreement on the division of their marital property.
If you do not have an accurate picture of the assets that belong to you and your spouse before you file, it can be impossible to gather this information after filing. Your spouse may try to hide assets or underreport certain items in the hopes that you do not understand their full value. Try to collect all of the financial information you can get before you move forward, and also freeze any joint accounts or credit cards to prevent their misuse during the process.
Not understanding how divorce changes your economic situation
Most divorcing couples have both spouses contributing financially to the household expenses. When the divorce is filed, this income is severely diminished. Only one income will be coming in, and each spouse needs to establish a household using these funds.
This is a critical issue for you to keep in mind during the division of your marital property. You need to know how much money you will need to establish your own household after the divorce is final. You can use this information to structure a settlement that ensures you will be financially independent once things have completed. This is especially important for those who need to find a new place to live. You and your spouse may need to consider how you will handle the marital home, as it may need to be sold to help offset the financial impact of the divorce.
Not hiring an experienced attorney to guide them through the divorce process.
So many people think that they can handle their divorce without having a lawyer in their corner. They sign agreements without understanding them, and these decisions come back to haunt them later when they realize what they have done.
An experienced attorney will be able to protect your rights and assets at this challenging time. You need to be sure that you know the consequences of your decision, and your attorney can explain what is happening to you. This will allow you to make the right choices for your future, and leave you ready to begin your new life once your divorce is final.