Three tips to keep in mind during a complicated divorce

By March 25, 2011Divorce

On behalf of The Marks Law Firm, L.L.C. posted in Divorce on Friday, March 25, 2011

While not true in every case, some divorce proceedings can get ugly. Former couples may argue about how to split everything from the house to jointly held mutual funds, not to mention the battles over child custody and child support.

While no couple wants to become trapped in a messy, bitter divorce, occasionally they find themselves there anyway. During a long divorce, the heavy emotional toll on each ex-spouse may cause them to stop advocating for their best interests and the best interests of their children simply due to exhaustion. For individuals who find themselves in this position, Fox News released a list of tips to help divorcees avoid costly financial errors and remove some of the stress associated with this difficult process.

Here are a few select pieces of advice from the Fox News list:

•· Try not to use your divorce as a way to financially punish an ex-spouse for mistakes he or she made during your marriage. Approaching the divorce process with a vindictive attitude is likely to make things more difficult for everyone-including children-so it’s best to handle asset division negotiations as politely as possible.

•· If you and your spouse opened a joint credit card account during the course of your marriage, close the account as soon as possible after your divorce begins. If your ex decides to make several large purchases and then defaults on the payments, you could be held responsible for that debt even if you are in the process of ending your marriage.

•· Sit down and make a new personal budget before entering any serious conversations about asset division or alimony. Think about future financial needs in addition to your current economic state, because once your divorce is finalized it will be significantly harder to alter the agreement.

Divorce can be a long, exhausting process, but the decisions made in the final agreement are likely to affect the rest of your life. With this in mind, it’s important to push past the emotional weariness and fight to make sure that your interests are protected.

Source: Fox News, “6 Financial Mistakes to Avoid in Divorce.” Teresa Bitler, 21 March 2011