Going through a divorce is probably not going to be a pleasant experience, but you can take steps to protect yourself and avoid some of the common financial mistakes that trip up couples as they separate. Our Morris County, NJ division of assets attorneys can help you fight for a fair divorce agreement and sidestep some of the pitfalls that have adversely affected many filers in the past.
What Are Some of the Most Common Financial Mistakes in Divorces?
It can take some time to sort out your and your spouse’s complete financial situation. While you do that, you can focus on avoiding some of the most common financial mistakes people make when they’re getting a divorce. Things to be on the lookout for include:
- Not searching for hidden assets
- Misvaluing marital property
- Forgetting about any potential tax implications
- Not asking for a fair share of retirement assets
- Getting stuck with more of the debt than necessary
There are also some things you should remember to do after a divorce, like updating any legal documents relating to how your assets pass on and selecting new beneficiaries.
What Can Make Financial Mistakes More Likely?
Anyone can make financial mistakes during a divorce. There’s a lot to discuss and it’s possible to overlook important elements in a stressful situation like this. Some behaviors can make it even more likely that you’ll make an error. You should try to avoid:
Rushing: Look, we understand that going through a divorce is rarely a pleasant process. Because of this, many people just do what they can to get a deal ironed out as soon as possible. You need to think carefully about your own interests though. Rushing into an agreement makes it much easier to make financial mistakes.
Making emotional decisions: It’s also important to make sure that you are acting rationally while dealing with financial issues. Making choices when you’re too angry or sad to see things objectively can come back to bite you later.
Going it alone: Some people decide that they don’t need a lawyer when they go through a divorce. A lawyer is just an expense that drags things out for longer. This could not be farther from the truth. A lawyer can help you fight for a fair agreement and ensure that you do not make any financial mistakes.
Should I Try Arbitration or Mediation?
It can also be a good idea to try out alternatives to litigation, like mediation or arbitration. These processes are often quicker and less expensive, and they can give you time to completely understand any agreement you make before you sign it.
Contact Our Legal Team
When you are ready to get a divorce, do not try to handle it on your own. Contact Townsend, Tomaio & Newmark, L.L.C. to schedule a consultation and learn more about what our attorneys can do to help you in this difficult situation.
