It’s no secret that a divorce can flip your world upside down. However, one aspect that many are unprepared to navigate is the financial impact that your divorce can have. As such, many make mistakes that can impact their finances for years after the divorce is finalized. That is why it is critical to connect with experienced Nassau County divorce lawyers to guide you through this process. Keep reading to learn more about the most common financial mistakes made and how to avoid them.
What Financial Mistakes Are Most Common During Divorce?
One of the most common mistakes people make when filing for divorce is rushing through this process. While you may be eager to get your divorce over as quickly as possible, failure to thoroughly compile your expenses can result in financial matters that can impact you for years. For example, if you do not accurately calculate your monthly expenses, it can result in you receiving significantly less than you deserve for matters like alimony or child support. Additionally, failure to carefully inventory assets can lead to an uneven distribution of assets.
Another common mistake many make during the divorce process is letting their emotions take over. While you may be hurt or angry by your spouse’s decision to file or for their actions that led to the divorce, remaining objective during this matter is critical. When you let your emotions cloud your judgment it can result in a considerable amount of financial errors. For example, if you may want to retain the family home out of spite or sentimentality. However, if you cannot afford the mortgage payments after the divorce, this can hurt you in the long run.
Why Do I Need to Connect With an Attorney for This Process?
However, one of the most impactful mistakes you can make when going through a divorce is failing to consult an experienced attorney during this process. Though you may believe that pursuing a “Do-It-Yourself” divorce can help save you money, you may be surprised to learn that this can cost you in the long run.
By working with an experienced attorney, you’ll find that your lawyer can assist you with the financial complexities of divorce, like inventorying and valuing assets, determining what property is shared versus martial, calculating shared expenses, and helping you calculate the cost of living following your divorce so you can fight for the support you need.
As you can see, there are several errors you run the risk of making when you try to navigate a divorce on your own. Though legal representation can be a cost, it’s important to view this as an investment. Without an attorney, the mistakes you can make may cost you more in the long run. Additionally, by working with a lawyer, you can focus on healing during this process while your legal representation handles the legal complexities of this matter.
At Sklavos Law Firm, we understand how difficult these matters can be, which is why we are committed to helping you fight for the best possible outcome. Contact us today to discuss your circumstances with a member of our firm.
