5 common financial mistakes to avoid during your divorce
- Making financial decisions before you have complete information. Divorce financial specialists are trained to follow a comprehensive process to gather all of the necessary financial data and then prepare meaningful reports and recommendations based on your specific needs and objectives.
- Taking financial and tax advice from friends and family: Having supportive family and friends to go to for during your divorce can be of great benefit to help you get through a difficult time, however, unless they are financial experts, don’t rely on their financial advice.
- Making financial decisions based on emotions: You will be faced with many difficult financial decisions during the divorce process. These decisions will affect your financial well-being for many years into the future. Decisions that are made without a well thought out approach typically lead to costly financial mistakes in the future. Don’t give in to the pressure to settle just for the sake of getting the process over with.
- Taking a narrow-minded position during the settlement process: There is no right or wrong solution. Ideally, you should focus on reaching a settlement that is focused on your long-term financial needs and objectives. You are more likely to reach a settlement that benefits you financially, in the long-term, if you approach the process with an open mind.
- Reaching a settlement agreement without understanding the potential long-term financial consequences. Divorce financial specialists are trained to look at potential alternative long-term financial outcomes. We can’t predict the future; however, based on our training and experience , a qualified financial advisor can help you identify the most crucial financial considerations that can help you reach the decisions that are most likely to be helpful for you.
If you feel as though you made one of these mistakes, contact a divorce financial specialist who can help you rework the situation and set you up for a more secure financial future.