There are many common mistakes that people make when going through a divorce. Some of the most common that can be avoided with the intervention of a skilled and knowledgeable attorney are as follows.
Forgetting to close joint accounts
Once there is no possibility of reconciliation, make the decision to close all joint credit accounts and loans. The most important reason being that even if a divorce is amicable, the situation can change quickly, and both parties are responsible for any debt incurred up until the date the divorce becomes final.
So, both parties can be held responsible for the financial decisions made by the other even if both parties have separated and divorce papers have been filed.
Not selling your home
Some of the best legal advice includes selling the family home if at all possible. The debt that can be accumulated while trying to maintain a large family home can become overwhelming. Many believe that it is important to hold onto the family home for the sake of the children, but experts believe that keeping kids in the neighborhood and schools they are used to is the only important thing.
Trying to live as if you still had two incomes
Avoid trying to do everything you did prior to the divorce. Once a two income household becomes a one income household, some activities need to be curtailed.
To better ensure financial security, avoid extracurricular activities like long vacations, private tutors for the kids, and gym memberships for you. And pay closer attention to bills, like eating out, more than you would have done in the past.
Not reviewing the details of your divorce with an attorney
Have a lawyer walk you through point by point the details of the marital settlement agreement, also called the divorce agreement, which identifies the details of the divorce and will affect your financial and personal life for years to come. The divorce agreement usually contains details regarding the division of assets and custody of children, as well as alimony and custody payment arrangements. However, it is often inevitable that divorce agreements do not account for all contingencies and will need to be reviewed and probably re-argued before a judge before everything is finalized.
Forgetting to change your will and insurance policies
When almost everything is finished and the smoke is cleared, make sure you have checked with a lawyer who is able to help you make changes to some of your most important documents, like your will.
It is often the case that after a divorce, the stress leads many to forget to make changes to their will and are surprised to discover even years later that their ex is still listed as an heir and entitled to inheritance. Also, take note to make any changes to insurance policies that list your ex as a beneficiary.
The most common mistake is for parties to assume that these are minor issues that they will take care of once the divorce is finalized, but it is best to have a good lawyer like from Slepianfirm, who can help you do it as soon as possible.
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