4 Money Mistakes to Avoid During Divorce

A hand holds 3 burning billsGoing through a divorce is rarely easy and often stressful. A trusted Jacksonville divorce attorney can help guide you through the process, but the clients still have to keep certain things in mind. Divorce often brings up concerns about finances and children. It can be an emotional process that leads to many financial errors that make things difficult for everyone going forward. Here are 4 money mistakes to watch out for during a divorce.

Rushing Without Taking Everything into Account

No one wants to have to go through the hassle of a divorce. However, it is very important to avoid rushing, as it can cause you to miss important details such as:

  • Missing or hidden assets
  • Shared debts
  • Access to financial documents
  • An understanding of living expenses

A Jacksonville divorce attorney can help you in taking all these into account. They may also help you find resources to help you account for assets that you may not have thought of. It is important to take all your finances and financial history with the other party into account. Rushing through a divorce can cause you to miss important details, potentially leading to negative financial consequences down the road.

Getting emotional

A divorce is a difficult thing to experience. However, any Jacksonville divorce attorney will tell you that letting emotion dictate action is unwise. Two common ways this can manifest are:

  • An over-attachment to the family home: You might want to keep the home for sentimental reasons. If you are willing to give up the house, you might overestimate its value. Getting the house isn’t worth it if there aren’t enough liquid assets to cover the mortgage.
  • Wanting revenge on a cheating spouse: Racking up debt on an ex’s credit cards or dragging out a case can seem tempting. However, you can still be liable for any debt accumulated, and court costs can affect both parties just as severely. Working with an experienced Jacksonville divorce attorney will help get you a better result, leading to a potentially better situation post-divorce. The best way forward is to find happiness after separating.

Looking at Assets in Isolation

Forgetting about the interaction between things like taxes, business assets, credit, and other elements can be potentially damaging financially. It is important to not isolate each financial asset or income source, as it becomes easy to forget about how they affect everything else. Along with the help of a Jacksonville divorce attorney, a financial planner can help you put together a complete picture of your finances.

Relying Solely on Your Attorney

While attorneys are experts at law, they should not be relied upon to do everything for you. When it comes to the emotional stress and issues that can come up during a divorce, speaking with a therapist might be helpful. A Jacksonville divorce attorney, along with other experts, work on individual facets of your case. It is important to get as much help from sources that are best equipped to deal with specific issues.

Contact a Jacksonville Divorce Attorney for Help

A divorce is usually a difficult process for everyone involved. However, the attorneys at Parker and DuFresne have decades of experience guiding couples through it. Call us today to schedule a free consultation at 904-432-3678.