There’s almost no way around it. Divorce is going to be an emotional experience. This is understandable, since you are separating from someone you may have shared a life with for many years.
There is nothing wrong with feeling emotional during your divorce, but managing your emotions can be especially hard to do when you are also trying to make practical financial decisions.
Like many New York residents, one of your emotions might be fear of what is going to happen to you financially. Divorce can impact your finances, but there are some common mistakes you can avoid to help minimize the negative financial consequences.
Slow down and take your time
Divorce is usually not a quick process, and it should not be, since it involves making decisions about major areas of your life. One of the worst things you can do is focus on getting the divorce finalized as fast as you can.
This is where emotions can get in the way. Emotionally, you might want to get your spouse out of your life and move on, but that can cause you to make hasty financial decisions that are not in your best interest.
When you begin the property division process, one of the first steps is listing all marital property that must be divided. None of us would like to believe that our spouse would hide assets or financial information from us, but it does happen.
If you have any concerns that your spouse could be hiding assets, or minimizing the value of certain assets, address these concerns immediately. Talking to a divorce attorney about the situation can help you explore your options, such as hiring a forensic accountant, to trace hidden assets.
See the big picture
Not thinking long term is another common mistake. Do not let yourself accept less than you should because you are only thinking about how to get through the next year.
For example, you may receive child support or alimony, but think about how expenses could potentially increase over the years and consider this when negotiating an amount.
Working with a good divorce attorney can help you avoid these and other common divorce mistakes.