Poor divorce finances can be costly in multiple ways if you were a stay-at-home mom or a career woman who wasn’t working up to her full potential because you were married to an income-earning spouse.
It’s critical that you follow divorce advice to avoid the 10 most costly divorce blunders, so you can recuperate faster and go on with your life after the divorce. Divorce may be a stressful experience. If you aren’t aware of some financial pitfalls, you may end up with permanent effects that aren’t beneficial simply because you aren’t aware of these blunders and divorce advice. Check out here Alberta Divorce Finances
Here are 10 of the Most Expensive Divorce Mistakes to Avoid for Savvy Women:
1. If you don’t see it coming, start planning as soon as you detect a problem. Always have a backup plan in case something goes wrong. It’s a good idea to set aside some money for unexpected expenses.
2. Not hiring an attorney – even in a pleasant divorce, you need your own champion.
3. Not seeking meditation – many problems can be resolved without it.
4. Ignoring tax consequences and after-tax values – costs that can be avoided with proper planning.
5. Having a budget that does not reflect your genuine spending – a modest settlement will not compensate for large spending.
6. Not budgeting ahead of time – create and stick to a realistic budget.
7. Failure to keep emotions out of negotiations – stress belongs in a therapist’s office, not a lawyer’s. Emotional impulses might lead to hasty and incorrect decisions.
8. Accepting less than you deserve – obtain every penny you are entitled to from your divorce settlement. Don’t underestimate your own worth.
9. Not being married long enough – if you’ve been married for ten years, you’re entitled to a share of your spouse’s retirement.
10. No insurance on the settlement – what happens if the ex-spouse passes away?
Tips for getting the most out of a divorce:
1. Look for a therapist or a financial planner instead of relying on your lawyer for emotional support or financial advice. The cost of hiring a lawyer is higher.
2. Make a budget and plan ahead of time. Extend divorce settlements as far as possible.
3. Keep insurance coverage up to date as needed. Make changes as your personal situation necessitates.
4. Remove yourself from any joint accounts. Don’t hold yourself responsible for his post-divorce bills.
5. Review credit reports and take steps to decrease or eliminate debt. Keep a close eye on all of your post-divorce finances.
6. You are the only one who can teach your children about money, credit, and debt; no one else will.
7. Don’t leap into another marriage without first figuring out why the previous one failed.