Going through a divorce can be an emotionally taxing time. However, while you are still trying to process your feelings on the matter, you’ll need to make a litany of important financial and legal decisions that can impact you for years following your divorce. As such, familiarizing yourself with the most common financial mistakes made during New Jersey divorces is critical to ensure you can set yourself up for success following the dissolution of your marriage. The following blog explores the most common errors, how to avoid them, and why working with a Somerset County divorce attorney is in your best interest during this process.
What Financial Mistakes are Most Common in Divorces?
One of the most common financial mistakes individuals make when filing for a divorce is failing to take post-divorce expenses into consideration. When you and your spouse marry, you’ll likely intertwine your finances. If your spouse is the one primarily responsible for bills, you may not accurately prepare for the cost of living as a single person following your divorce. As such, creating a comprehensive budget and taking factors like utilities, health insurance premiums, and property taxes into consideration is critical to ensure you can set yourself up for success following the dissolution of your marriage.
Another common mistake many going through a divorce make is deciding important matters based on emotions. While this is undoubtedly an upsetting time, doing your best to remain rational and composed during this process can help ensure you make decisions based on your best interest instead of solely focusing on sentimentality. For example, though you may want the family home because of the memories you created there, if you cannot afford the mortgage payments with your sole income, it’s in your best interest to relinquish that asset.
How Can Hiring an Attorney Help Protect My Financial Future?
When looking to shield your finances for life after your divorce, you may think trying to “DIY” your divorce is better than paying an attorney. Unfortunately, you may find that trying to navigate this matter on your own can have drastic consequences. When you file for divorce without the guidance of an attorney, you’ll find that though you may save money upfront, this can cost you in the long run, as you may be unfamiliar with your rights and what you are entitled to during the divorce proceedings.
Instead, working with an attorney ensures that you have guidance through this process not only to help you navigate the legal complexities but also the financial issues that may arise as well. Your lawyer will work to fight for the best possible outcome for you during your divorce to help you
At the Siragusa Law Firm, we understand how overwhelming a divorce can be due to the emotional, legal, and financial issues that arise. That is why our team is committed to guiding you through these complicated matters. We can handle the legal complexities of your case so you can focus on healing and moving on to the next chapter of your life. Contact our team today to learn how we can fight for you during these matters.
