There can be a lot of overwhelming feelings when you’re going through a divorce. But what you don’t want to do is lose your clarity during it all and not hiring a divorce attorney. Here are some financial mistakes that you might end up making during a divorce.

Not Understanding The Laws

This is one of the most important things that you need to consider and you will be surprised at the fact that not a lot of people know about this. Every US state has its laws and regulations when it comes to divorces. From the filing process to the actual divorce and even the financial asset division, everything will be slightly different depending on where you are.

So, when you’re going through a tough time, make sure you know all the laws that are enforced in your country or state. This is why it is so important that you have a good and educated lawyer to help you through this process. You can’t possibly do anything and everything on your own, and if you do, then you will end up making one of these very serious mistakes that will hit you where you’re the most vulnerable.

Therefore, be knowledgeable and be mindful. That is how you can dodge these mistakes every step of the way.

Not Keeping Track

This might seem really insignificant, but you never know when you would need this in the long run. You want to keep track of the expenses you guys made as a couple over the years. Now, this doesn’t mean that you have to keep track of groceries and other things.

What you want to be concerned with is bigger investments, retirement funds, tangible assets, and big purchases that could translate to investments in the future. You want to note everything down for a better reference in the future.

Having Joint Accounts For Everything

This might be something that a lot of couples do during their marriage and while it is okay to have a couple of joint accounts, you don’t want to make the mistake of keeping your personal funds under a joint account. There should be boundaries in marriages too and what’s yours should remain yours at all costs.

So, even if it seems selfish, it will pay you off in the future. This is your money and your own finances earned through blood, sweat, and tears. This was not handed down to you or anything like that. So, make sure that you are keeping them under your name.

Hiding Assets

This might seem like a good idea, but you don’t want to do it. If you ever get caught trying to conceal your assets, just so you don’t have to divide your money or give a share to your spouse, then you will be stuck in a very different court case.

So, what you want to do is be open and honest about everything you have. You want to keep everything out in the open and then let the court decide. If it should be legally divided, then there is nothing you can do.

Agreeing With Everything

You definitely don’t want to be a doormat when it comes to financial decisions, especially during a divorce. You can’t just close your eyes and give everything away, just because you’re tired of the whole process, you just want it to end and any other reason along the same line. That is not smart at all and in the future, down the line, you will wish that you didn’t do that.

So, don’t make this mistake and ensure that you are fighting for what’s rightfully yours with the help of your family attorney Fairfax VA. You can’t expect anything and everything to be presented to you. You have to do the work yourself.

Delaying Financial Planning

Some people wait for the divorce process to plan everything, especially from a financial standpoint. That is not good at all. You don’t want to wait for the final moment to give you that boost. What you can do tomorrow, do it today, and be prepared because you might have to deal with many divorce challenges.

This is for your future. You have to start getting back on your feet. If you don’t have a job anymore, then get one right now. Don’t wait for the divorce to settle and then plan accordingly. Do it now and you might be prepared for the future.

Not Considering Kids & Their Expenses

This is also just as important. You have to keep the kids in the loop too. If you’re getting their primary custody, then you have to do everything you can to ensure that their future is secure too. You can’t just think about yourself during this time. It is really easy to lose track of things, but you want to be prepared for everything, for the future, especially your kids.

So, make sure that you file for child support so that the other parent has a hand in supporting the kids too. That is how you keep the boat rocking.

Completely Relying On Your Spouse

It is not a bad thing if you quit your job and your spouse is the only one looking out for you and your family, but once you’re divorced, it’s going to be a huge adjustment. This is not about having a job to feel like you have control. It is more about financial independence and standing on your own two feet.

You need that independence if you want everything to be a smooth sail, no matter what life throws at you. You need to be prepared for the worst of the worst. That is how you will be able to survive even after a divorce.

Not Thinking About The Future

Your past is gone, the present is anything but favorable, but your future is still unknown and the actions you take now will mold your future. You have to think about the future and without sugarcoating anything, you need financial stability to survive, especially in this economy. You can’t expect to just wing it when it comes to the future.

You need to plan strategically and have everything mapped out. And for that, you need your financial independence and you can only get that when you avoid making this huge mistake, as this will cost you a lot more than just money.

Devalue Before Divorce

This is similar to hiding your assets and it is just as bad. You don’t want to devalue anything before a divorce. If you do, and you think that you won’t get caught, well, think again. Everything is documented nowadays and this is something that you have to take good care of. The best policy is being honest about everything.

You will have fewer chances of getting stuck in something you can’t get out of and that is not what you want.

Conclusion

A divorce is hard, but you want to go through this rough patch with as much logical information as possible. It is really easy to lose sight of your end goal and this financial pit might be the first hurdle you experience. And don’t forget to hire a divorce lawyer Fairfax VA who can help you throughout the process.