5 Financial Mistakes to Avoid When Handling a Divorce with Indiana Family Law Attorney
It is ironic how expensive divorces can be. Apart from the costs, the entire process can take its toll on the emotions of both parties. If you’re going through a divorce, the frustration of your present situation may drive you to make some poor financial decisions.
This could either be settling for whatever your partner proposes just to hasten the process or finding solace in retail therapy. In this post, we’ll point out the top mistakes impending divorces make and how you can avoid them.
- Not hiring a lawyer
Filing your divorce and going through the entire process without a lawyer may seem like a good idea. However, you should know that the result of such a decision may be less than favorable.
Hire an experienced Indiana Family Law Attorney who understands your situation and can help ensure that your needs are met. Don’t spend all your money hiring the most expensive lawyer you can find.
An expert with a good reputation and track record is far better than any big gun who charges a heavy retainer.
- Choosing not to separate finances
This is where the help of an experienced divorce lawyer comes into play. Whomever you choose to represent you must be a brilliant strategist who can ensure that your finances are protected throughout the ordeal.
If you and your partner share a joint account, split it as soon as possible. Also, change your passwords and monitor your credit report regularly to be sure that everything checks out.
- Not considering the change in your finances
If you’d been with your spouse for a long time, it may take a while for you to accept the reality of your current situation. Where previously, you both contributed to the upkeep of your home by pooling your finances, you are left to bear the brunt alone.
At this time, you must accept the reality of your finances. Some inevitable changes will have to be made regarding your standard of living and being honest about this is a good way to plan and make helpful financial decisions.
- Deciding against getting a job
Considering the change in your financial situation, it is most definitely not a good time for you to be unemployed. If you’re already employed, you don’t have to ‘reduce your hours to focus on the divorce.
You’re entering a new phase of your life and you’re better off earning as much as you can. If you’re not working at the moment, you must get a job. Apart from the increase in your income, you’d have a place to get away from everything else happening in your life.
- Retail therapy
We understand that you’re single once again and you may feel the need to celebrate your newfound freedom. While that in itself is a good idea, it’s best to limit your celebration to a night out with friends or a treat that won’t take a chunk out of your finances.
If you’re thinking about getting the latest car or a new fancy home, think carefully about your financial position and consider whether or not you can handle all the bills alone.
Be involved in the process and always be honest with your lawyer. Afterward, when your divorce is finalized, you can enjoy a clean slate and take control of your finances.