Divorce means making many important decisions regarding your future and protecting your children. When you are ending your California marriage, it’s important to avoid making certain financial mistakes.
Rushing your divorce
Although it might be tempting to rush through your divorce to finalize things faster, this could work against you financially. It’s important to thoroughly go over all your finances, which can only be done when you take your time. Rushing the divorce process can result in you not getting your fair share when it comes to property division.
Not considering alternative divorce methods
Refusing to consider alternative divorce methods like collaborative divorce, divorce mediation or arbitration is a big mistake many couples make. These alternative options allow you to save money on your divorce compared to traditional court proceedings. In choosing one of them, you might be able to save hundreds or even thousands on your divorce.
Holding onto the marital home
Some people going through a divorce insist on keeping the marital home. Unfortunately, it’s not always the best thing financially. Before choosing to do this, you should always consider what’s still owed on the mortgage and whether you can afford to maintain the home on your own salary.
Not properly valuing marital assets
Marital assets may have specific values, but it’s easy to overestimate or underestimate them. As a result, once property division is being carried out, it’s possible to get shortchanged.
Not considering hidden assets
Some people don’t consider that there might be hidden assets within their marriage. It’s important to look into this so you can get your fair share. Disregarding potentially hidden assets can result in not getting everything you’re entitled to.
