Avoid these costly mistakes when getting a divorce

On Behalf of | Sep 30, 2019 | Divorce |

When a marriage comes to an end, it can bring strong and, in some cases, extremely negative feelings to the surface. However, keeping a cool head and working with an attorney here in New Jersey who understands your goals can lead to the best outcome possible.

One of the first mistakes to avoid is acting out on social media by posting mean or unflattering comments about your soon-to-be ex. Making rude or unkind comments can not only make the divorce more difficult but take an emotional toll on your family, especially if children are involved.

Make sure your financial house is in order

While being in control of your emotions is crucial to an orderly process, there are several financial mistakes that many people make, including:

Inadequate paperwork: Make sure you gather all financial documents that are needed to determine your marital assets as well as your spouse’s earnings. These include:

  • Account numbers and balances for banks, stocks, CDs, etc.
  • Social Security statements showing your spouse’s current income and expected future benefits
  • Proof of major purchases, such as a house
  • Documents detailing significant projects, such as home improvements

Disregarding tax consequences: Assets such as investments, retirement accounts and property may have a defined value now but will be impacted by taxes differently later on. Understand how the cost of a home or spousal support and alimony can affect your tax situation.

Keeping credit card accounts open: Even if your ex says he or she will pay off the debt, you are still on the hook if they don’t live up to their word and can be held liable for the unpaid balance. Close those accounts or transfer the debt to a new account in the name of the responsible person.

Digging in for a court battle: Contested divorces can be expensive while mediation or collaborative agreements can help both spouses keep costs down. Avoiding an adversarial approach can make financial as well as emotional sense for both parties.

Knowledge and restraint are key factors in a divorce

While some believe their best chance of a good outcome in a divorce is by taking their spouse to court, there are usually no winners in a contentious process. Judges try to do what is fair and equitable for both sides. An experienced divorce attorney here in New Jersey can answer all your questions and outline the information you need to be prepared so you can reach the best possible settlement and a brighter future.