When your marriage comes to an end, there are multiple emotions to manage, but you cannot let them interfere with divorce details.
Keep your financial future intact and avoid these six mistakes that might jeopardize everything you hope to gain in the divorce settlement.
1. Letting guilt guide you
If you were the one who initiated the divorce, you may feel guilty about it. To make up for your guilt, you become too agreeable. In fact, you will agree to almost anything your spouse wants just to put the whole process behind you, which could be devastating financially.
2. Slipping up on accuracy
You will have to fill out a financial affidavit, which you will likely find time-consuming. You might want to gloss over certain details, but your list of assets and liabilities must be as complete and accurate as possible. Otherwise, you could relinquish assets that were yours to keep or assume liabilities that should go to your spouse.
3. Failing to investigate
Because you want to get through the divorce quickly, you do not challenge your spouse who says that all assets are out on the table. If you have the slightest suspicion that hidden assets may exist, engage the services of professionals like a business appraiser or forensic accountant who can investigate.
4. Shrugging off tax matters
Remember that you may have to pay taxes on certain assets that you receive in the divorce settlement. Also, before you agree to an alimony figure, find out how much that will be after taxes.
5. Allowing anger to surface
You may be angry with your spouse, but do not go into the divorce bent on revenge. Do not let anger lead you into a mistake that would imperil your financial future.
6. Listening to the advice of friends
Your friends may try to help you by offering advice. Do not get caught up in this. Your marital issues are different from theirs. Your divorce experience is unique, and you should only rely on your legal team to help you achieve the best possible outcome.