Financial Mistakes to Avoid in Divorce

Posted By The Hunter Law Group || 7-Jun-2013

When going through a divorce, there is a lot that will be circling through your mind such as who will receive the majority of the time with your children, who will get the house or the car, etc. However, there are a number of financial mistakes that people can make when divorcing, don't let this be you. First off, make sure that you are not underestimating, or altogether ignoring, your finances. Addressing money matters is essential, because when going through a divorce things are going to change, which means that a new budget and plan of action is crucial. Take some time and write down every money obligation you have. Don't forget to take into account the cost of living expenses and prepare for inflation, you just never know when the pricing of your everyday life will increase.

Next, you want to take time to look at your financial issues comprehensively. Make sure that you are looking at all of your debts and assets in order to see the big picture of your finances. You will then be able to see the trends of capital gains, investment losses, taxes, inflation and others in order to determine your next financial move after you divorce. Another mistake to avoid is the assumption that when you and your spouse divorce, you will receive the exact same amount of assets in the division of your property. While California is a community and property is generally a 50/50 split, remember that just because you receive the same amount of property and assets, they may be valued differently in the market later on.

If you are considering filing for a divorce, don't go about the process alone. Contact the Hunter Law Group today for more information and to speak with a trusted Mission Viejo divorce lawyer, today!

Categories: Divorce