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What are the main financial mistakes to avoid during divorce?

On Behalf of | Feb 25, 2022 | Divorce And Family Law

Married couples in Missouri might ultimately decide to get a divorce. If you are ending your marriage, it’s important to keep your finances in mind and avoid these financial mistakes.

Not factoring in your expenses

It’s a big mistake to not take your expenses into account when you’re getting a divorce. Keeping track of how much money you spend on your regular expenses and creating a budget can help you stay on track. Don’t forget to include your future living expenses.

Not considering mediation

A courtroom divorce is very expensive and often long and drawn out. Not considering alternatives like mediation or collaborative divorce might result in a costly financial mistake. Both options are cheaper and take less time for your divorce to become final.

Having an unwarranted share of marital debt

If your spouse rang up sizable credit card debt throughout your marriage, you might find yourself in a bind. You could end up being stuck with a large portion of that marital debt, which can harm your finances. It’s wise to obtain copies of your credit reports and look them over to see if your spouse amassed most of it. Paying off all the debt before the divorce can unburden you. You will want to close those accounts and start fresh by opening your own credit card account.

Disregarding the long term of child support

If you have minor children, you will need to think about child support as part of your divorce settlement. Don’t rush to an amount that seems comfortable. Instead, you should think about the support in the long term. Your children’s needs will naturally change as they grow older. Don’t just consider the daily expenses for the kids.

Avoiding financial mistakes during your divorce will pay off in the end.