It is essential to recognize the most common divorce financial mistakes in order to prepare and plan to avoid them while going through a divorce. Following are some of the most common and sometimes devastating financial mistakes made during divorce.
Cross Roads Divorce Advisors’s knowledge, experience and comprehensive Divorce Financial Planning system provides the creative options, financial analysis and strategies necessary to help our clients regarding these pitfalls and seek the most financially advantageous settlement possible.
- Retaining an attorney before considering all options.
- Failing to consider Alternative Dispute Resolution such as Collaborative Divorce and Mediation
- Not understanding if you both choose, your settlement can be different than what a judge would order.
- Choosing a divorce process based on the estimated cost.
- Not understanding the roles of the different professionals and resources available in divorce today.
- Making emotional decisions rather than thinking strategically.
- Deciding financial issues piecemeal instead of understanding the big picture.
- Agreeing to a settlement without understanding the financial impact.
- Failing to understand the difference between marital and separate property.
- Allowing your former spouse to use financial data as a weapon against you.