Over 30 Years Experience Focused In Divorce & Family Law

Avoid These Money Mistakes in Divorce

On Behalf of | Jun 3, 2015 | Uncategorized |

There are a lot of possible battles you could end up fighting when you go through divorce. Child custody and child support are very common issues, as well as property division and spousal support. One of the toughest parts of divorce can be dealing with a completely new financial status when the divorce is final. In many cases that means having to adjust to a much smaller income. Knowing your current expenses and future budget is essential in the decision making process. While most people get caught up in the immediate financial adjustments and battles over who gets to keep what, there are many other long-term aspects to consider. Overlooking them could be costly.

One of the most important things to remember is to consider the whole picture. In other words, don’t forget to document all of your assets as well as all of your debts. Keeping track of tax returns, retirement accounts and investments becomes very important in divorce. It’s also a good idea to keep track of all your property that has any value, including collectibles and real estate. If you share a family business or stock options, these are other important financial matters that can’t be overlooked.

Another sticking point for many couples that divorce is the marital home. While one or both spouses often wants to keep the home, many times this can be a financial killer. Trying to keep up with a mortgage with a single income can be much more difficult. Often times, the party keeping the home may have to refinance the home to remove their spouse from the mortgage. This often is difficult, if not impossible. In some cases it might be a better choice to sell the home, split the money and then find a more affordable monthly payment. This can be an emotional decision, but when you go through divorce it’s important to avoid making decisions based on emotions.

There are all kinds of issues that people going through divorce have to deal with. At the same time, anyone going through divorce is also likely to be experience many different emotions. Unfortunately, these emotions can often get in the way of logical thinking and decision-making. That’s why it’s so important to look at things calmly and weigh all your options before making important decisions, including financial decisions.

While each person that goes through divorce will ultimately need to make these decisions him or herself, at the Law Offices of Michael A. Robbins we offer sound legal advice that will help prepare you to make these decisions. With more than 30 years of handling divorce and family law cases in Michigan, we have the knowledge and experience necessary to help you get through the divorce process effectively. Please contact our office today at 248-646-7980, or click here to contact us online.

Archives