Top 10 Divorce Financial Mistakes
Amy Kelly, CDFA®, CFP®
July 9, 2020
Have you decided to terminate your marriage? What are the first steps you need to take? The process is very complex, and most individuals have never been through this before.
At Columbus Divorce Advisors, we help you think through every step of the process strategically and from a financial perspective. There are many ducks you need to line up before you even discuss divorce with your spouse and/or retain an attorney. You need to collect all of your financial documents. You also need to understand all of your options.
“There are many ducks you need to line up before you even discuss divorce with your spouse and/or retain an attorney.”
In our many years of experience, we have compiled the following Top 10 Divorce Financial Mistakes we see made with clients as they terminate their marriage.
The Top 10 Mistakes To Avoid
1. Failing to prepare financially for a divorce – by not gathering financial documents IN ADVANCE.
2. Retaining an attorney before considering all options.
3. Failing to consider Collaborative Divorce and Mediation.
4. Choosing a divorce process based on the estimated cost.
5. Making emotional decisions rather than thinking strategically.
6. Keeping a home that is not affordable.
7. Deciding financial issues individually instead of understanding the big picture.
8. Failing to understand the difference between marital and separate property.
9. Closing credit cards without proper research and cutting off your credit history.
10. Agreeing to a settlement without understanding the long-term financial impact.
Disclaimer: This information, developed by an independent third party, has been obtained from sources considered to be reliable. Columbus Divorce does not guarantee that the foregoing material is accurate or complete.
There are very important steps you will need to take in order to plan your life financially after your divorce.
Now that divorce is so common, there are tons of resources available to help you survive the process with at least some level of dignity.
In addition to the financial and emotional difficulties of divorce, you’ll face special concerns about your insurance coverage. Planning for these changes should begin long before the divorce is final.
Affordable financial analysis, mediation, and facilitation for your amicable divorce. Don Morris and Columbus Divorce, is dedicated to saving you money, reducing stress and keeping you out of court during your divorce settlement process and post-divorce.
Don Morris is NOT AN ATTORNEY AND DOES NOT PROVIDE LEGAL ADVICE. All information he provides should not be construed or relied upon as legal or tax advice. Individuals seeking legal or tax advice should solicit the counsel of competent legal or tax professionals knowledgeable about the divorce laws in their own geographical areas