7 expensive mistakes couples make during divorce

Attempting to navigate the divorce process without a knowledgeable attorney can lead to costly mistakes.

1. Failing to Hire an Experienced Attorney

Skipping mediation and heading straight to court can significantly increase legal fees and prolong the divorce process.

2. Not Considering Mediation

Focusing on immediate financial gains, such as keeping the family home, without considering the long-term financial implications can be a costly mistake.

3. Overlooking the Long-Term Financial Impact

Attempting to hide assets can backfire and lead to severe legal and financial consequences. Full financial disclosure is crucial

4. Hiding Assets

Not creating a detailed post-divorce budget can lead to financial strain. Understanding your new financial reality and planning accordingly can help you avoid unnecessary expenses and financial difficulties.

5. Failing to Create a Detailed Budget

Making decisions based on anger, spite, or revenge can lead to costly legal battles and unfavorable outcomes.

6. Letting Emotions Drive Decisions

Overlooking the tax consequences of divorce settlements can result in unexpected expenses. Consulting with a financial advisor or tax professional can help you understand the tax implications of your decisions and plan accordingly.

7. Ignoring Tax Implications

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