Avoid These Financial Mistakes If You Want a Divorce This 2020


Whether you have made the mistake of getting married too quickly or have had a falling out with your partner after decades of marriage, you are free to file for a divorce. But getting a divorce is no simple matter. Some people commit the mistake of entering this process without realizing how complicated it is.

Other than the stress of deciding about child custody and dividing properties, the divorce process can lead to financial setbacks if you commit the following mistakes, especially in these trying times.

Not hiring an experienced lawyer

Some people think that spending so much money on an experienced divorce lawyer isn’t reasonable, but the opposite is true. Keep in mind that you’re not only paying for lawyer’s fees during the divorce process. For instance, you have to account for expenses of going to court and missing out on work. So the longer the process is, the higher your expenses will be. To avoid that, consider hiring a skilled family law litigator.

Messick Law LLC and other law firms that cover family law suggest you go for a consultation. This way, you will have an idea about legal fees and see if a lawyer is experienced enough to handle your situation.

Failure to involve a financial planner in the settlement


Experienced divorce attorneys know the ins and outs of the divorce process. They can achieve an equitable division of assets while protecting your rights. But they may not see the long-term financial effects of every viable legal step they want to take. It’s best to add a financial planner to your team.

Your financial planner will focus on the implications of a proposed division of assets while analyzing your taxes and other liabilities. They can also help evaluate your insurance policies and other investments. With their input, you can align better with your divorce lawyer on how you want your assets to be divided.

Not calculating monthly expenses during the divorce process

While married, couples with an average salary don’t worry much about spending cash on groceries, utility bills, and other expenses every month. After all, their combined salaries make their lives comfortable. But once you filed for a divorce, you or your partner will likely move out, and your salaries will be halved.

Say, with you and your partner living under the same roof, your combined income is $8,000 a month. Once your partner moved out, your house’s monthly income will be $4,000. Sure, that is still a lot of money to pay for home expenses. But that lower earnings can affect you and your children’s lifestyle.

Now that the world is dealing with a pandemic, make sure to calculate your monthly expenses and see how the divorce will affect these. If you have recently lost your job due to the pandemic, check if your savings can cover your family’s needs once you push through with the divorce while unemployed.

The divorce process is difficult, but it can be more challenging if it happens in these trying times. Consult with a lawyer and financial advisor to make sure you go through this process without making crucial financial mistakes.