During your divorce, you may find yourself tempted to make decisions based on how you feel in the moment. While your feelings are valid, emotions are rarely good indicators of what will truly be best long-term. Short-term thinking can lead to financial decisions that will have long-term consequences for your life. When discussing your options and negotiating terms, it will be in your interests to focus on the future.
Money is one of the most complex issues in any divorce. It is inevitable that the end of your marriage will bring financial changes to your life, but it is possible to secure terms that will allow you to have stability and security long-term. By avoiding certain money mistakes during your divorce, you will lay the groundwork for a strong settlement that will continue to benefit you well into the future.
Common mistakes you want to avoid
One of the most common mistakes people make during their divorce is allowing their feelings to dictate their decisions, leading to choices that won’t make sense in the months and years after the divorce is final. You can also compromise your future interests by making any of the following common missteps during your divorce:
- Overlooking the possibility of an out-of-court settlement — It may be possible to resolve remaining divorce disputes out of court, saving you time and money. You may also find that this gives you a more prominent say in the terms of your settlement.
- Waiting too long to get help — You will benefit from a team of professionals who can provide guidance during this process, including a financial advisor who can help you make practical, sustainable decisions.
- Not thinking practically about money — Not all assets are equal in a divorce. When negotiating terms, it is helpful to consider the potential tax consequences of your choices, as well as the increased or decreased value of the asset in the future.
These common divorce mistakes and others are preventable with research, preparation and the right perspective. By keeping your focus on your future and what will be best years from now, you can pursue a resolution that allows you to look ahead with confidence. It may help to start with a better understanding of your rights and how property division laws in Georgia could impact you.