Money is a common source of anxiety and disagreement in a marriage. It makes sense, then, that it can be a concern in a divorce, too. Many Texans worry about what will happen to their finances during a divorce, and money can be an especially thorny issue during a split.
If you are considering divorce and concerned about spending, there are some mistakes you would be wise to avoid.
Mistake #1: Going it alone
The legal process is complicated, especially for a person unfamiliar with the system and navigating it for the first time. Taking a do-it-yourself approach to divorce can, therefore, create some avoidable and expensive obstacles.
You might miss deadlines, file the wrong paperwork, base your agreements on misinformation, or overlook solutions you did not realize were possible. These missteps can cause delays and leave money on the table, which can cost you more than you expect. As such, consulting a Family Law attorney can be wise.
Mistake #2: Fighting over everything
Disagreements are inevitable for many divorcing couples. How you resolve these disagreements can make the difference between a smooth, cost-efficient divorce and a bitter, drawn-out legal battle.
Negotiating resolutions outside of court through alternative dispute resolution processes like mediation can save time and money. If you fight over everything and cannot negotiate agreements, you will go to court, which is more expensive and often more contentious. Picking your battles and being willing to compromise can be a better approach financially.
Mistake #3: Not being informed
You do not have to be a legal expert or financial whiz if you are divorcing but having information about your rights and your economic situation can be essential to seeking fair outcomes.
As such, you must do your homework when it comes to divorce. Do not rely on your ex to tell you what your rights are in terms of spousal support or what property is eligible for division. You should also secure as much financial documentation and history as you can to ensure you have a full and accurate picture of the community estate.
Divorce can have a profound impact on a person’s financial future. Avoiding these mistakes can make it easier to save money and protect your assets, which can be a great benefit, no matter what your financial picture may be.