According to a recent survey conducted by Allianz Life Insurance, two thirds of divorced women stated that their divorce created a financial crisis. Splitting property and child custody can be very difficult. What one partner thinks is fair, may be considered a complete sham to the other. Differences in income and whether a partner is moving somewhere else is another important factor. Financial planning and other methods like online divorce calculators can make these important financial decisions easier.
4 Common Financial Mistakes in Divorce
- Short-sightedness: Many divorcing couples will only focus on completing the divorce as soon as possible, without considering long-term financial implications. Giving up something like a retirement account could leave you without important savings for the rest of your life.
- Striving for payback: Divorcees that aim to make life more difficult for the other partner by stalling settlements and creating a poisonous atmosphere will complicate the divorce process and rack up court fees.
- Failing to split finances: Continuing to share savings accounts or other assets could cause trouble if a partner fails to pay their end of the deal.
- Some spouses give up their career: If a partner gave up their career for marriage, it can take a long time to get your working life back in order. Planning for this is very important.
Divorce gets complicated quickly, and consulting a divorce attorney could be the best option to get the fairest settlement for both parties.
Lewisville family lawyers at Julian, Crowder & Shuster, P.C. have experience settling the most complex divorce cases.lewisvill