Going through a divorce is not only one of the most challenging and painful things a person goes through in their lifetime, but it can also be one of the most expensive. Unless you and your spouse have already agreed to everything and are having an uncontested divorce, it might get expensive. Before moving further, avoid these three common financial pitfalls.
If you were served divorce papers and were not expecting it, it is natural to feel angry. While it is normal to feel this way, reconsider your need for revenge. This not only hurts you, your spouse, and any children involved, but it also considerably increases the cost of your divorce. Seeking revenge and acting in a way where you are trying to "win" is going to require more hours spent going through the divorce. Try to take a step back and come to a reasonable settlement between you and your spouse.
Depleting Your Assets
Dealing with the emotional struggle of a divorce is difficult, and some people turn to spending money on vacations or shopping trips. While these things might give you a moment of enjoyment during a difficult time, it is only going to hurt you in the end. Any money spent during the divorce process can hurt you because it reduces what assets you have when the divorce is final. You become responsible for these expenses, and it makes your divorce more expensive.
Not Planning Ahead
If you are the one filing for divorce, make sure you are financially and emotionally prepared for it. Another mistake that is often made by the person filing for divorce is not planning for it ahead of time. The divorce itself is expensive enough without factoring in what you will do when you move out, or your spouse does, and you are on a single income.
If you plan to get custody of you children, can you support them on your own? Where will you live? Do you have a vehicle? Are you currently employed? These are all things to consider before you meet with lawyers and file for divorce. Don't assume you will get financial help following the divorce. Keep your costs as low as possible and plan for these things before filing.
With these financial pitfalls in mind, hire a good divorce attorney, such as Stringam Denecky LLP, as soon as possible. They will help guide you through the entire process and help avoid financial struggle as a result of the divorce proceedings.Share
13 January 2015
Many people assume that when they file Chapter 7 bankruptcy, they will have to give up their homes and other property. This is not necessarily the case. I am a bankruptcy attorney, and I have helped many clients file for Chapter 7 bankruptcy without giving up homes, cars, and other property. When you file for bankruptcy, the property you are allowed to keep depends on your individual circumstances and the state where you live. Most states allow exemption for property you are currently paying for. This blog will guide you through that information and help you determine if filing Chapter 7 bankruptcy is the right choice for you.