4 Costly Mistakes to Avoid When Getting a Divorce

 Posted on June 26, 2020 in Divorce

Divorce can be an emotional process, and it also involves a wide variety of legal issues that can be difficult to understand. Both of these factors can cause people to make mistakes that may not only result in unfavorable decisions, but they can also make the divorce process more expensive. If you are going through a divorce, avoiding the following mistakes is crucial in order to protect your financial interests and future.

Fighting Unnecessarily

The stress of separating from your partner, when combined with the anger, sadness, or resentment you may be feeling, can result in fights that will not help your case. For example, you may argue about certain marital property based on a desire to win arguments with your spouse rather than out of a real need to keep these assets. Doing this can draw out the divorce process unnecessarily, resulting in higher costs that may leave you in a more difficult financial position following your divorce. While you may have to fight for what is rightfully yours, you should be sure to understand when these types of disputes will be necessary, and when they will be financially beneficial.

Failing to Create a Post-Divorce Budget

Even if you did not play a close role in managing your family’s finances while married, putting together a workable budget will be a crucial part of your financial success following your divorce. You will need to be sure you can cover your expenses on a single income while also addressing any spousal maintenance or child support payments you will pay or receive. By creating a post-divorce budget outlining your income and your expenses, you can be sure you will have the financial resources you need. Understanding what you can afford will help you determine how to address certain issues during your divorce, such as ownership of your family home.

Not Changing Your Estate Plan

Of all the things you think about while going through the divorce process, your estate plan may not be at the top of your mind. However, you will need to understand whether you should make any necessary changes to these documents. You may have specified that you plan to leave certain assets to your spouse, such as a life insurance policy, that you no longer want him or her to have once your divorce is over You may have given your spouse power of attorney, and after your divorce, you may no longer want him or her to make decisions for you if you cannot make them yourself. By updating your estate plan, you can be sure your wishes will be carried out correctly.

Failing to Work With a Rolling Meadows Divorce Attorney

Divorce may have a wide variety of costly consequences that you may not be aware of, but a skilled Hoffman Estates divorce lawyer can help you understand these issues and avoid financial pitfalls. Attorney Nicholas W. Richardson will help you through the divorce process and work with you to complete your divorce as efficiently as possible. Call our office today at 847-873-6741 to arrange a free consultation.

Resource:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000