Going through an emotionally charged divorce is a more rigorous challenge when partners have a high level of assets between them, and no prenuptial agreement. However, the road back to a single life requires carefully walking through this tedious process.
Whether you and your partner shared business earnings, a vacation home or large amounts of personal income, you'll want to avoid making these common divorce mistakes.
Three common mistakes
- Putting your emotions in the driver's seat: Making emotionally charged decisions to pacify your current frustration can lead to legally binding agreements, putting you at a long-term disadvantage. Rash decisions lead to agreements over dividing marital assets, alimony, child custody, liabilities and more. As tempting as it may be to rush through the process, take time to analyze each step with the oversight of trusted professionals.
- Dishonest accounting of assets and liabilities: Trying to give assets away to others you trust in order to avoid having them count towards the inventory of marital property, can lead to a fraud investigation. Furthermore, you may end up having a damaged courtroom image when the dishonesty is discovered. You can avoid legal interruptions and problems by ensuring your financial analysis is up-to-date and honest before the court.
- Listening too much to other's opinions and not your team of professionals: Having the opinions of other's in your head too much can distort your expectations of the final outcome. Each divorce is different, including the details of high-level assets that are at stake. Trained legal and financial professionals will be able to examine the situation and offer guidance that is more reliable than what others say should or should not happen.
Remember to breathe
Although your life may still be expected to run at the same pace during a divorce, remember to breathe. Calming your mind and emotions before approaching legal meetings and discussions can prove highly beneficial in helping you avoid costly mistakes during the process.
What mistakes have you seen people make during divorce?