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Avoiding the Most Common Financial Mistakes in Divorce

Divorce is a highly complex legal process with numerous financial pitfalls. Some are minor in nature and may cost you little. Others could potentially lead to a significant depletion of your financial resources. Thankfully, there are ways you can mitigate the risks. The following information covers some of the most common financial mistakes made during divorce, and provides some tips on how you can potentially avoid them.

Failing Get All Financial Documents in Print

In today's day and age, most people use online banking, digital debt statements, and email notifications for important accounts. In fact, society has become so reliant on their digital access that few consider they might lose it while going through divorce. Unfortunately, this can and does happen far more frequently than most realize. Your spouse might change the password to your bank account, or they might lock you out of the family computer. So whatever you do, never rely on just digital copies of financial documents. Print them out instead.

Letting Your Emotions Run the Show

While the true nature of divorce is financial, it is also an emotional rollercoaster. Feelings of anger, guilt, betrayal, and depression often abound, and they can cause you to behave in ways you might regret. These same feelings may even cause you to become vindictive, which could give you justification for doing things you know are wrong (i.e. clearing out the bank account, selling your spouse's beloved baseball card collection, etc.).

Unfortunately, such behavior can come back to haunt you. Not only do you risk giving your spouse ammunition in divorce court, you risk being found out by the judge. This could potentially impact the ruling made in your case. So, angry or as hurt as you might be, it is critical that you avoid this mistake at all costs. Limit your communication with your spouse, seek support, and think carefully about any financial decisions you make.

Not Hiring an Attorney

Out of all the mistakes one can possibly make during divorce, choosing not to hire an attorney is likely the most damaging. Not only does this place you at risk for financial devastation, it can also result in an infringement on your rights. This can be especially troubling if you have children or a high asset divorce. Avoid this mistake by ensuring you have quality representation throughout the entire divorce process.

At The Stogsdill Law Firm, P.C., we fight to protect the best interests of our clients. With more than 210 years of combined knowledge and experience, we have the skills needed to effectively represent you in your case. Learn more about our comprehensive services by scheduling a consultation. Call our DuPage County divorce lawyers at 630-462-9500.

Sources:

http://www.forbes.com/sites/jefflanders/2012/11/27/three-types-of-financial-mistakes-divorcing-women-make-and-how-to-avoid-them/#6f52d8a73712

http://www.cnbc.com/2016/01/17/breaking-up-is-hard-to-do-protecting-assets-in-divorce.html

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1776 S. Naperville Road - Building B, Suite 202
Wheaton, IL 60189

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