Going through a divorce doesn’t have to be difficult, but more often than not, there are a few snags in the process that might cause disputes or delays. There are often financial concerns to worry about, which can weigh heavily on your mind.
There are several financial pitfalls of divorce. Here are three to consider before you make the leap into ending your marriage.
1. Not considering the best time for divorce
Not being prepared for divorce can affect you negatively in an instant. Divorces can be long processes, and you need to have your ducks in a row before moving forward. Think carefully before you begin the divorce. Consider what kinds of bonuses or extras your spouse may be receiving. Think about payments and extras you could receive just by staying married a little longer. Timing is everything.
2. Not saving enough before starting the process
Divorce can be expensive, so you need to save up before you file. The divorce itself will have fees, but you also have to consider how your finances will change if you have to move out or pay for bills on your own.
3. Getting too emotional
Being emotional during divorce is a major pitfall. If the other party can manipulate you based on emotion, then you may lose much of what you deserve. Separate anger, anxiety, hatred or other emotions from the choices you make. If you don’t, you could make mistakes that cost you thousands or your most precious possessions.
These are three pitfalls to keep in mind. Plan early and know your rights before you start the divorce process.