3 Financial Mistakes to Avoid When Divorcing!

1.) NOT CONSIDERING MEDIATION:

If there is any chance you and your spouse can work together in an amicable way-consider mediation!

Mediation will save you time and thousands of dollars in legal fees, not to mention unnecessary heartache!

As a divorce attorney and mediator I advocate for mediation because it really meets the needs of many of my clients who want a less adversarial path. As a mediator, I am not a Judge, I am a legal guide. I help couples make important decisions about finances, maintenance, custody, support, and property division. I support productive conversations that result in a settlement both parties can live with.

As a divorcing couple you have flexibility with mediation. You get to make decisions in the best interest of your family. These decisions are yours, not that of a Judge or an adversarial court system. Mediation puts YOU in charge of your divorce.

Consider it!

2.) NOT DEVELOPING AN ACCURATE BUDGET:

Living expenses are important. Be accurate when detailing your living expenses. If you don’t you won’t be able to cover your bills and expenses after your divorce.

I recommend clients take a look at many aspects of living expenses by providing them with Statements of Net Worth as a great tool to think about expenses from large to small. In some cases I recommend a financial planner to assist in developing a complete budget.

3.) NOT EMOTIONALLY LETTING GO OF THE PAST:

When divorcing, letting go of emotional attachments to the house, an antique you purchased during the marriage or your 401 (k) plan can be costly. Not being able to do so could impact good financial decision-making in your divorce negotiations. Negotiation is necessary to maximize your finances. Make sure you will have enough money for living expenses after your divorce. Choose wisely!

Try to avoid financial mistakes while divorcing. Having the proper guidance to make these decisions is imperative. You are transitioning from being married to single. Two households are costly. You need help prioritizing, creating a plan, making sound financial decisions, and getting financially ready for the rest of your life.

If you are considering divorce, I can provide valuable financial insight. Call to schedule a consultation and to receive a sample Statement of Net Worth to get started on your budget and get financially organized!

Best,

Lois