Costly Divorce Mistakes You May Be Making

 Posted on November 10, 2015 in Divorce

Going through a divorce can leave you emotionally and financially battered. On top of the emotional struggles of a divorce, high legal fees and other divorce costs can take quite a toll on your finances. If you are going through a divorce, you might be making costly mistakes that could hurt you in the future. Transitioning from a lifestyle supported by two incomes to handling everything on your own is difficult enough. Skip adding any extra hardships by taking some fairly simple precautions.

Be Careful When Splitting Your Assets

Dividing property fairly may seem obvious, but a surprising number of post-divorce individuals feel they did not get their fair share of marital assets, or were left with a larger burden of shared debt. Be careful when splitting your assets, and be sure to ask for that to which you are entitled. Many people are willing to settle for less because they feel their spouse contributed more, or feel guilt from initiating a divorce and do not want to ask for too much. Fortunately, Illinois is an equitable distribution state. Therefore, if you and your spouse cannot agree on fair terms for asset distribution and are forced to go to court, a judge will divide assets fairly. Be sure that you and your spouse are also fairly dividing your debts. Many people find themselves stuck with a larger amount of debt than their ex after divorce, making it even more difficult to become financially stable as a single person.

Work Efficiently With Your Attorney

Choosing the right attorney is extremely important. Look for an attorney that is qualified to handle your case, and one you trust will work effectively for you. Time with divorce attorneys can be costly, so you will want to be sure that you and your attorney are working efficiently together. While choosing a cheap attorney may seem like a good idea, you may end up wasting substantial time and money if he or she is not truly equipped to handle your case. Take the time to meet with a few potential candidates, and find a qualified attorney that is able to work within your budget and help you achieve your desired outcome.

Avoid Emotional Spending

If you have children, this may be an issue for you. Many parents feel enormous guilt over their divorce, and feel like they need to make it up to their children in some way. You may find yourself wanting to shower your children with new toys, clothes, or expensive vacations, but, on a single parent’s income, this is unrealistic. Yes, your children’s lives are changing, but buying new things for them is not the answer. If you truly care about the well-being of your children, you should start preparing for financial independence, so you can continue to raise and support them with the things they really need.

Spending can be tricky for divorcees who do not have children as well. Many people turn to spending as a way to cope with emotional problems. Keep in mind that the amount you used to spend when you were married might be drastically different than what you can afford on your own. Being realistic about your situation will help you build financial independence in the long run.

Divorce is a difficult time, and having support is necessary. On top of relying on close friends and families, having a qualified divorce attorney is extremely beneficial. Contact a Naperville family law attorney with the Pesce Law Group, P.C. to get started. Call 630-352-2240 today.

Sources:

http://money.usnews.com/money/personal-finance/articles/2015/01/27/how-youre-making-your-divorce-more-expensive