Avoid These Costly Financial Mistakes When Deciding to Get a Divorce
The decision to divorce your spouse is not an easy one to make. Your hopes and your dreams are sometimes attached to your marriage. I know of no one that is really happy when the final decision to get a divorce is made. This is mainly because of the financial burden this is going to cost you for many years to come. However, if you are planning on getting a divorce I would avoid these financial mistakes I am going to outline at all costs.
Do Not Be A Victim
This is mistake number one. Do not make yourself out to be a victim. Accept what has happened and decide to take action. Make copies of all your financial records. Closely monitor all bank accounts for suspicious activity. I would if necessary even put a restraining order on any attempt to retitle assets that are in both of your names. You need to protect yourself right at the outset of a divorce and not before it is too late.
Not Going Through Mediation
A divorce lawyer will cost thousands of dollars more then a court appointed mediator. If you are both agreeable to the divorce and the assets are not that great then this can save you lots of money in the long run and it would be a financial mistake not to consider it.
Hiring A Combative Lawyer
The selection of a good lawyer is critical to how much you can save or how much a divorce can cost you. If a combative lawyer is involved you may end up being the winner overall but you really risk losing more in the long run. This can be because many judges do not take lightly bad behavior in court. So be very careful when you are selecting your lawyer and be sure to get references.
Forgetting About the IRS
Do not forget the great tax man in this case. I would seriously consider meeting with a tax planner or even a specialized tax lawyer in how to plan for this divorce. This will give you the knowledge needed in order to avoid paying the government more then they deserve. After all why get punished twice?
Not producing an accurate budget
You must be accurate in how you budget your life. These records can determine how much you will receive in a divorce settlement. Also be sure to keep track of all your actual expenses as this will determine how much you can live on when you are finally separated from each other.
Divorce is messy but it is clear that with the proper planning you can get through it. Just make sure you do not end up in financial ruin as a result of this one decision.
Divorce because of Infidelity is never a good thing and can be hard to cope with. Fortunately there are good resources to help those dealing with divorce.
Source: http://ezinearticles.com/
Added: June 27, 2008
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