We have discussed common-sense steps you can take to protect yourself financially when going through a divorce. Now we’ll look at some common financial mistakes. A good divorce attorney can help you avoid these pitfalls. Contact us today for a consultation!
MORE COMMON FINANCIAL MISTAKES TO AVOID IN A DIVORCE
1. Spending Money Out of Spite
Just as one spouse may fail to make car payments out of spite, someone may decide to go out and spend money before the divorce is settled just so the other person does not get it. This is very common, especially at the very beginning of a divorce before anything formal really gets moving. Buying a new home, a new car, new clothes, or a new boat may sound like a good idea, but in the end, since you are still legally married, that new property will become part of the divorce. Hence, you’ll end up splitting whatever you splurge on. Petrelli Previtera recommends holding off on discretionary spending until the divorce is final.
2. Not Having a Safety Net
Due to the nature of the courts and the nature of disagreements, divorces can take months and, in the worst cases, even years. At the beginning of your divorce proceedings, Petrelli Previtera recommends that you put some money in a separate fund to be your safety net. Alimony may not start for a while and, if you don’t work or you make considerably less than your spouse, you need money to survive. Note that this is not hidden money. When it comes time to report all assets for your divorce, you have to report this money as well. This is just money you have earmarked for you.
3. Making promises that you can’t fulfill
You may feel guilty about the divorce, so you agree to larger child support payments or to a lump sum payment to your spouse. Make sure that any promise you make can be fulfilled. Reneging on a written promise can lead to lawsuits and legal penalties.
4. Not negotiating
Some people are so hurt by the divorce process that they refuse to negotiate at all with their future ex-spouse, choosing litigation (or court) instead. When you choose to go to court, you are handing all decisions over to a judge who often is so impartial you won’t end up with anything you want. While going to court is sometimes necessary it can also be expensive. Choosing to negotiate the terms of your divorce is not only faster, but for some clients results in more favorable terms. Petrelli Previtera has years of experience at negotiating during divorce proceedings. Call for a consultation today!
HOW PETRELLI PREVITERA CAN HELP IN YOUR DIVORCE
Divorce is a very trying time in your life. You don’t just need an advocate, you need a trusted advisor. We all have those times in our lives where we just need someone’s help. Hiring a top-notch divorce law firm such as Petrelli Previtera to handle your divorce is the best decision you can make, not only to help negotiate the nuances of divorce law, but also to ensure your financial soundness in the future. With over 30 years of experience, we can put our knowledge to work for you. When so much is at stake, including your life with your children, you need the best.
If you need support during your divorce, call us today for a confidential consultation!