When you and your spouse are going through a divorce, it’s important to understand that this is an incredibly emotional time. However, you’ll also need to make several crucial financial and legal decisions that can impact you for years following the dissolution of your marriage. If your filing for divorce, it’s imperative to understand that working with an experienced Monroe, Louisiana divorce lawyer is in your best interest during these difficult times. The following blog explores some of the most common financial mistakes you can make and how to avoid them.
What Financial Mistakes Should I Avoid When I File for Divorce?
One of the most common mistakes those going through a divorce make is trying to rush through the process, which can have a detrimental impact on your future finances. Unfortunately, if you do not take the time to accurately calculate your current cost of living, you’ll find that you may not receive adequate alimony or child support payments, or you may be paying much more than is fair. As such, you should carefully consider all living expenses to accurately assess how much payments should be.
On a similar note, taking the time to determine your cost of living accurately can help you create a budget for your life after your divorce. This is critical, as many underestimate hidden costs like healthcare premiums or utilities, especially if they aren’t primarily responsible for handling bill payments. As such, taking the time to create a comprehensive budget is critical to ensuring you can set yourself up for financial success once your divorce is finalized and you begin the next chapter of your life.
Finally, you’ll want to avoid making decisions based on your emotions. It’s no secret that getting a divorce can be an incredibly emotional time, but it’s important to remain objective and realistic. For example, you may want to keep the family home because of the memories you created there, but you may be unable to afford the mortgage payments. As such, you should remain practical and focused when making decisions about your divorce.
Can Working With a Lawyer Help Protect My Finances?
One of the most common mistakes people make when they file for divorce is underestimating the importance of working with an experienced attorney. You’ll find that this can be a financial mistake in and of itself! When you try to navigate these matters on your own, you may be unaware of your rights during your divorce, which can lead to making uninformed decisions. As such you may not receive the assets you’re entitled to or you may be overpaying on support orders.
Working with an experienced family law attorney is critical to ensuring you can make the most informed decision and fight for your best interest during these difficult times.
At Breithaupt, DuBos, & Wolleson, LLC, our firm understands that going through a divorce is an incredibly emotional time, which is why we can help handle the financial and legal complexities that can arise during this process. Contact our firm today to learn how we can guide you through these difficult matters.
