Financial Mistakes to Avoid During Divorce

1 April

Financial Mistakes to Avoid During Divorce

Divorce is a complex subject that has many moving pieces and parts. Divorce can be devasting to mental and financial health. However, there are some things that you can be aware of to help protect your finances and avoid silly mistakes as you move through the process of divorce. Check out these mistakes to avoid from Flesner Wenzel, and give a Jefferson County divorce attorney a call if you have any questions.

Mistake #1- Not knowing or understanding your expenses

While you likely know how much money you bring in each month, many often don’t know exactly where their money goes. When you are going through a divorce, it is important to begin tracking your expenses so that you are able to understand your future needs and maintain a good quality of life.

Mistake #2- Keeping the family home

Many times, individuals try to keep the family home without considering whether or not it is financially feasible. It may sound nicer and more convenient to not have to move, but it may not be realistic when the property taxes, mortgage, and even simple maintenance costs are taken into consideration. 

Mistake #3- Not considering a comprehensive view of your finances

Making financial decisions by looking at only one issue at a time is not a great way to make decisions. This view lacks a complete understanding of all the factors involved in your financial situation.

Mistake #4- Not understanding your debt

Debt shared between spouses is divided during a divorce, but if it is credit card debt, credit card companies don’t necessarily care who is deemed responsible for paying by the divorce settlement. They can and will still come after each spouse. 

Jefferson County Divorce Attorney

Looking for a Jefferson County Divorce attorney to help you navigate the divorce process? Call the attorneys at Flesner Wentzel to get started today. Contact Flesner Wentzel for a FREE consultation with a divorce attorney. Call our office at 636-317-5582. Se habla Español

The St. Charles family law divorce lawyers of Flesner Wentzel at 636-317-5582. Se habla Español.

Disclaimer

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. Each legal matter is different.  Past results are not an indication of future results.  

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