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Avoiding common financial pitfalls in a divorce

Divorce is not easy. Even if both parties are agreeable on all divorce matters, it still can take a toll on the emotions. If either party decides to oppose his or her spouse on an issue, then the costs of the divorce can quickly increase as the case is litigated. A settlement is a good idea in order to get the case over faster and for less money; however, there are some pitfalls that can occur even with a settlement.

Unfortunately, many people don't focus on the long-term picture associated with divorce. Some are ready just to get out of the marriage as quickly as possible. For example, if the house has to be refinanced in order for you to keep it, and part of the equity must go to your spouse, you could be giving up a large part of your retirement nest egg.

Keeping the house can be only thing that many divorcing people want; however, some can't afford it. That means that while you may have wanted to keep the home where your children are being raised, it's often better to let the house go.

Revenge is often the only motive some divorcing spouses have, wanting to cause as many headaches as possible for their soon-to-be exes. Instead of focusing on getting even with your ex, it might be better to choose mediation to keep a better hold on your part of the marital property.

Keeping a clear head and listening to your family law attorney can help you avoid using only your emotions to control what could be some rather expensive pitfalls during a divorce.

Source: USA Today, "5 biggest divorce mistakes financially," Wendy Spencer, AdviceIQ, accessed July 24, 2015

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