How to Keep Divorce from Sinking Your Finances

Understanding divorce and your finances.

According to a recent survey conducted by Allianz Life Insurance, two thirds of divorced women stated that their divorce created a financial crisis. Splitting property and child custody can be very difficult. What one partner thinks is fair, may be considered a complete sham to the other. Differences in income and whether a partner is moving somewhere else is another important factor. Financial planning and other methods like online divorce calculators can make these important financial decisions easier.

4 Common Financial Mistakes in Divorce

  • Short-sightedness: Many divorcing couples will only focus on completing the divorce as soon as possible, without considering long-term financial implications. Giving up something like a retirement account could leave you without important savings for the rest of your life.
  • Striving for payback: Divorcees that aim to make life more difficult for the other partner by stalling settlements and creating a poisonous atmosphere will complicate the divorce process and rack up court fees.
  • Failing to split finances: Continuing to share savings accounts or other assets could cause trouble if a partner fails to pay their end of the deal.
  • Some spouses give up their career: If a partner gave up their career for marriage, it can take a long time to get your working life back in order. Planning for this is very important.

Divorce gets complicated quickly, and consulting a divorce attorney could be the best option to get the fairest settlement for both parties.

Lewisville family lawyers at The Julian Firm, P.C. have experience settling the most complex divorce cases in Lewisville.