If you decide that divorce is the best way to fix your marriage, it won’t be long before you’re reviewing your finances with the idea of putting yourself in the best position for the future.
With so much happening, it’s possible you could make a variety of financial mistakes during your divorce. Here are five that you need to avoid at all costs:
- Neglecting to use a property division checklist: Without this, you could overlook assets that need to be divided, thus missing out on something of value.
- Not reviewing all your financial documents: From bank statements to pay stubs to tax returns, you need to review everything during your divorce.
- Forgetting about your debt: Most divorcing couples understand the importance of property division. While you focus on this, don’t lose sight of any joint debt, such as credit cards and personal loans.
- Not understanding the impact on your future: For example, not all assets will have the same impact on your tax situation.
- Neglecting to think about the future: It’s so easy to get caught up in the here and now that you never look down the road. If you do this, you may end up regretting some of the decisions you make.
It’s hard to know exactly what you should and shouldn’t be doing, as it’s not likely that you understand all the finer details of the divorce process.
It’s up to you to ensure that your finances are in order, which means avoiding mistakes at all costs. When you have a solid grasp of your situation, it’s easier to stay on track from start to finish.