Just as emotionally draining as divorce can be, it can be equally as financially draining. Aside from legal fees, there are other things that must be considered when it comes to the costs involved in divorce, including a new home and a new life. Avoiding these mistakes could certainly save you a pretty penny in the event of a divorce.
1. Making decisions when you are upset or over emotional about the divorce. If you are extremely upset because of the events happening around you, try your best to not make any hasty decisions purely out of anger or sadness. This could lead to making bad decisions, including financial ones.
2. Not getting legal advice. Having a Glendale divorce lawyer on your side will help you determine which financial pitfalls you can avoid and how to get the most out of a divorce settlement. Without a lawyer, you may miss some of the ways to financially navigate your divorce.
3. Failing to think strategically. Determine what things are worth fighting for, and consider how much you’re willing to pay to hold onto your assets. Make sure you’re legal fees don’t end up costing more than what you’ll actually be getting in return.
4. Being disorganized. The more organized you keep your financial documents, the easier it will be for you to access that information when you need it.
5. Not working with a tax person. A tax accountant and financial planner will help minimize the amount of tax you will have to pay during the divorce process. Working with these kind of professionals will prevent any tax liabilities that you may not have noticed at first.
6. Not disclosing financial information. In order to get an appropriate settlement, you need to provide the court with full disclosure of your finances. Trying to conceal or dissipate assets can end up costing you in the end.
7. Not having a will. While it may be a morbid topic to think about, having a will is an important practicality to ensure that your loved ones are provided for in the event of your death. This is especially relevant if you have children with your ex spouse.
For more information on how to avoid financial pitfalls that could severely impact your finances during the divorce process, contact a Glendale divorce lawyer at The Sampair Group today. Visit us at www.sampair.com for a free consultation.