Avoid These Divorce Mistakes
Many people are in the process of divorcing or will divorce in the near future. A divorce is a big change and many people are not prepared for it. In fact, life can be overwhelming in many ways, from finances to future planning.
While anyone can be unprepared for a divorce, women tend to fare worse than men. That’s because more likely than not, women are not involved in the financial and long-term planning aspects of marriage as much as their male counterparts.
When women divorce, they are likely to feel lost. By understanding what needs to be done and what they need to avoid doing, they can feel more prepared for single life. Here are some mistakes to avoid.
Not Understanding Your Assets
You need to understand your cash flows and assets, especially if you were left with a lump sum settlement or alimony. If you’re not bringing in any additional income, you’ll need to know how long this money will sustain you. Plus, you’ll need to know about investments so you know how to use your money wisely.
Not Having a Prenuptial Agreement
Prenuptial agreements are no longer for the rich. Everyone should have one nowadays. These legal documents are recommended for everyone, as they can help you decide how assets should be split in the event of a divorce instead of relying on state laws. Without one, a wealthy person could lose out on half of their wealth.
Not Thinking About the Implications of Obtaining the Marital Home
Many people want to keep the marital home after a divorce. While the home may be a sentimental asset, you need to think about the expenses involved. Not only is there the mortgage, but there is also maintenance, repairs, insurance, and taxes. Houses come with a lot of expenses, so you may want to consider downsizing for a while.
Not Factoring In the Children’s Expenses
When divorcing, you will likely be thinking about child custody, but don’t neglect other aspects such as expenses. Some expenses can be costly, such as private school tuition, tutors, and camps. Make sure these expenses are accounted for and split accordingly.
Getting Too Emotional
Emotions are often high during a divorce. You may be feeling upset and even revengeful. However, you need to avoid allowing your emotions to get the better of you. You want to minimize stress and expenses, so avoid seeking revenge by trying to delay the legal process. You’ll just make matters worse.
Seek Legal Help
Becoming single after being married for many years is a huge change. Whether you are a man or a woman, make sure you have the right legal help and advice.
Fort Lauderdale divorce attorney Edward J. Jennings, P.A. can help you understand what needs to be done following a divorce. We can provide you with dedicated and effective representation. Schedule a consultation by filling out the online form or calling 954-764-4330.