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6 Dangerous Financial Mistakes to Avoid When Getting a Divorce

Posted on in Divorce/Family Law

Waukesha, WI divorce lawyerIn addition to emotional challenges, divorce can lead to a great deal of financial difficulty. If you are going through a divorce, it’s important to be aware of some actions that could cause serious financial hardship down the road. Some of the most common financial divorce mistakes include: 

1. Disregarding Real Costs

Often, couples will consider the current value of their investments and completely forget about the real costs of liquidation. For instance, cashing out a retirement account could lead to financial penalties, and selling a property could result in capital gains taxes. Be sure to calculate the real cost of dividing an asset prior to making any decisions.

2. Refusing to Cooperate

Sometimes, a spouse makes it a priority to get revenge against their partner or punish them for the failure of the marriage. While this may not be their intention, a combative attitude can make the divorce process much more difficult. By contesting every single issue during a divorce, you will increase the length of the process and spend a great deal of money on attorneys’ fees. If you would like to save money on your divorce, be cooperative and consider mediation as an alternative to litigating your disputes in court. 

3. Failing to Look at the Entire Picture

It is crucial to understand that divorce is not just about who gets to keep the house or have custody of children. Considering how a divorce will impact your taxes, retirement accounts, and more complex aspects of your life is vital. Your goal should be to avoid getting blindsided financially because you did not look at the entire picture. 

4. Keeping the House

If you have spent many years in your house, the thought of selling it may be difficult for you. However, being responsible for mortgage payments, taxes, utilities, and maintenance can be a real challenge for one spouse. Sometimes, it may make more sense to sell your home and downsize into a smaller space.

5. Forgetting About Insurance

Health insurance, life insurance, auto insurance, and homeowners insurance are all impacted by divorce. If you do fail to consider the costs of these types of insurance policies, your financial situation post-divorce may be tough.

6. Having Unrealistic Expectations

When you go through a divorce, you should remember that you are splitting one household into two. Therefore, you will not be able to rely on another person to support you financially. You should be realistic and plan ahead so that you can avoid financial setbacks.

Contact Our Experienced Delafield, WI Divorce Attorneys

If you are going through a divorce, we encourage you to contact the skilled Waukesha County divorce lawyers of Bucher Law Group, LLC. We will help you avoid these financial mistakes and ensure that your rights are protected, allowing you to set yourself up for a healthy financial future. For a free consultation, call our office at 262-203-4916.

Sources:

http://www.divorcemag.com/blog/7-common-financial-divorce-mistakes-to-avoid 

 

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