Divorce can feel like wading into a swamp–a murky, unfamiliar territory of legal to-do’s, paperwork, and major financial decisions, all while carrying on family and work obligations and trying to maintain your sanity.
When it comes to making major financial decisions, it can be tempting to take the easiest path forward, simply to avoid prolonged arguments, legal wrangling, and stress. Glossing over money matters to expedite the divorce process, however, is a short-sighted approach and a major mistake.
Prioritize your long-term financial security, says attorney Lina Guillen, and think about how these decisions will impact you a decade or two in the future. In her blog “The Top 10 Financial Mistakes to Avoid During Divorce” on DivorceNet published by NOLO, Guillen goes into detail about this and other money missteps during divorce.
As she explains, anyone going through a divorce should also understand:
- How expenses add up, in order to avoid underestimating settlement needs (#1);
- Why a 50-50 split of assets is not necessarily a fair division (#3)
- Why liability for credit card debt debt doesn’t vanish just because there’s a payment arrangement in the divorce settlement (#6); and
- How a Qualified Domestic Relations Order (QDRO) can protect retirement savings (#8).
Being aware of these and other common financial blunders can help people identify and avoid them.
The prospect of analyzing and actually making these decisions can be daunting, however. That’s why it’s important to have an effective, compassionate divorce attorney who can illuminate all the options, help her client avoid money mistakes, and ultimately make the best choices. The divorce process might look like a swamp, but remember, you don’t have to wade through it alone.
Read more helpful tips in our blog First Steps in a Litigated Divorce Process.
All of us here at Raza & Jones, LLC understand this is a challenging time for our clients. As a family law firm, under St. Louis County’s Order pertaining to COVID-19 we are considered an essential business, and we remain open and available to all our clients. Our entire firm is working remotely, using our videoconference account to meet with clients or speaking by telephone. We are committed to delivering the same high standard of compassionate, effective representation we are known for, in the face of rapidly changing circumstances.
With a combined 30 years in family law, the attorneys at Raza & Jones, LLC, will provide the legal guidance you need. For questions, or to schedule a confidential consultation, call 314-449-8830.