Divorce can be a legal and emotional rollercoaster. Amidst the chaos, you may be susceptible to making mistakes or unknowingly doing things that lead to unintended consequences. Given that the outcome of your divorce will likely have a lasting effect on your future, it’s important to get things right.
Below are common pitfalls to be wary of during the divorce process to safeguard your interests.
Letting emotions guide your decisions
It’s easy to get blinded by your feelings in an emotionally charged process. This can lead to poor decisions that could impact your future. For instance, you may act out of spite or give up on things to get it over with, only to regret it later. Separating your emotions from the legal and financial process can help you focus on what really matters.
Not being on top of your finances
Do not fly blind when it comes to your financial situation during divorce. Without a clear understanding of your marital assets, debts and income, you may end up with an unfair settlement that could leave you struggling financially in the future. Take your time to gather and review all financial documents, including bank accounts, tax returns, investment portfolios and retirement funds.
Overlooking the tax implications
Divorce settlements come with various tax consequences, and overlooking them can result in unexpected costs later on. Consider the tax impact that transferring property, alimony payments and dividing retirement accounts may have so that you can make informed decisions.
Going it alone
Going through the divorce process alone is not in your best interests. You may begin smoothly, only to run into unexpected hurdles like dividing commingled assets or locating hidden marital property. Seeking qualified legal guidance can help look out for your rights and interests, which can go a long way in securing a fair settlement.