When your once fairytale marriage turns into a nightmare, you may have decided that filing for divorce is in your best interest. If this reflects your circumstances, it’s important to understand that divorce is just as much a financial matter as it is emotional. As such, understanding the common financial mistakes made is critical to ensure you can set yourself up for success following your divorce. The following blog explores common errors and how to avoid them. You’ll also discover the importance of working with Tampa divorce lawyers during these complex matters.
What Are the Most Common Financial Mistakes Made During a Divorce?
Unfortunately, one of the most common financial mistakes made during a divorce can have a significant impact on your finances following the dissolution of your marriage. When you file for divorce, you’ll need to take new living expenses into consideration, and failing to compile anticipated expenses accurately can lead to several issues. As such, taking the time to create a budget is critical to ensure you can determine your cost of living as a single adult after your divorce. You should consider factors like car insurance, health insurance premiums, and property taxes to ensure you can accurately budget for the future.
Another mistake couples make when getting a divorce is making decisions based on emotions. It’s no secret that filing for divorce can be an incredibly emotional time, but this process is also laden with important legal and financial decisions. For example, you may wish to retain the family home, as you’ve created many memories there. However, without your spouse’s income, you may be unable to afford the mortgage payments. As such, it’s important to remain objective and collected when making important decisions instead of making choices based solely on sentimentality and emotions.
Can an Attorney Help Me Avoid These Errors?
One of the most common mistakes made during a divorce is failing to consult an experienced attorney. Unfortunately, many assume they can navigate these matters without the guidance of a lawyer. However, you should note that this can lead to a number of financial issues. When you work with an attorney, they can advise you on the best options to consider for your circumstances. However, without their assistance, you may make decisions that can negatively impact your finances for years following your divorce. Without an attorney, you may be unaware of what assets you are entitled to, leaving you without the money or property you deserve.
When you and your spouse decide that a divorce is in your best interest, it’s imperative to discuss your legal options with an experienced attorney. At Tampa Law Group, we understand how overwhelming a divorce can be, as you’re not only grieving your relationship but you must make imperative decisions regarding your finances. That’s why our team is proud to provide you with the best legal representation possible to help you through these difficult times. When you need help, our firm is here. Contact us today to learn how we can assist you.
